Binance Announces Support for Ethereum Network Upgrade

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.

Binance is a crypto exchange platform that covers an entire ecosystem with offerings like Launchpad, Academy, Charity, Trust Wallet, and Research, to mention a few. The native token of Binance is BNB which is responsible for powering the ecosystem as an underlying gas. More interesting features can be explored in the Binance review here. BNB has multiple forms of utilities.

Binance was founded in 2017 with a mission to promote the global freedom of financial movement to improve the lives of people around the world significantly. The platform has more than 100 cryptocurrencies listed on the board, including Bitcoin and Ethereum.

Users on Binance have access to 100+ trading pairs that can be added to the portfolio anytime through the website or mobile application.

Trade from anywhere was the iconic idea behind launching the mobile application of Binance. Android and Apple users can download the Binance app from their virtual stores. The mobile application of Binance helps users keep checking their trading activities and review the recent changes through a graphical presentation.

Trader Account is an important feature offered by Binance to holders who can choose to register for either the Basic Trading Account or Advanced Trading Account.

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.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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