Binance has published a post to announce its support for the network upgrade of Ethereum, adding that deposits and withdrawals of ETH tokens and ERC-20 tokens will be suspended during the upgradation of the network.
The Ethereum network upgrade is scheduled for June 29, 2022, at 10:43 UTC. Deposits and withdrawals of ETH and ERC-20 tokens will be suspended on the same day at 9:43 UTC. It comes to an Ethereum block height of 15,050,000.
According to the announcement, the upgrade will not impact the trading of the tokens. Binance will handle all the technical requirements for holders with ETH and ERC-30 tokens in their Binance accounts.
Binance will reopen the deposit and withdrawal of the said tokens only after the upgraded network is deemed stable.
Holders of the tokens will not have to do anything from their side, and all the requirements will be handled by the wallet or exchange where they have their accounts. An additional step will be required from the holder’s side only if the platform issues a notification.
Miners and node operators will have to download the latest version of the Ethereum client to stay on track with the changes.
A miner or node operator who does not participate in the upgrade will get stuck on an incompatible chain that still follows old rules, making it impossible to send the token or operate on the network.
Termed Gray Glacier, the network upgrade name, has been chosen as it merges into another glacier.
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The Ethereum Network Upgrade is set to go live on June 29, 2022. While the trade will not be affected, deposits & withdrawals of ETH and ERC-20 tokens will impact the upgrade.