Cryptocurrency exchange Binance will suspend deposits and withdrawals of Ether (ETH) and ERC-20 tokens

Cryptocurrency exchange Binance will suspend deposits and withdrawals of Ether (ETH) and ERC-20 tokens during the blockchain's transition to its proof-of-stake (PoS) Beacon chain in September.

The world’s largest exchange by transaction volume announced the move in a bid to provide stability during The Merge, which is touted to take place in mid-September 2022. Binance becomes the second major exchange to announce the suspension of ETH deposits and withdrawals, following Coinbase earlier in August 2022.