Remitano, the p2p cryptocurrency exchange has announced the suspension of deposits and withdrawal. The exchange stated this via a blog post, saying that this is essential to ensure the safety of traders during the period of The Merge when high volatility is expected.
According to the update,
“Ethereum’s Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The execution layer upgrade (Paris) is expected to take place between 2022-09-10 and 2022-09-20. Current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 00:30 (UTC).”
New ETH Token Expected
It added that since a new token is expected to be created, the move by the exchange is essential to reduce the risks to traders and ensure the safety of their assets.
It added that there would be a temporary suspension of ETH and ERC20-based USDT on September 6, 2022, 11:00 (UTC) for the Bellatrix consensus layer upgrade and on September 15, 2022, 00:00 (UTC) for the Paris execution layer upgrade.
Users Should Transfer Tokens On Time
Users of the exchange are advised to be sure that they leave enough time prior to this period for token transfers. The exchange said that it has taken cognizance of the different scenarios that may arise on account of the Merge, highlighting that it would open the resumption of deposits and withdrawals of ETH and ERC20-based USDT as soon as possible if no new token is created at the Merge.
It stated that if a new token is created, that the technical aspect of its disbursement would be handled by Remitano on behalf of their customers.
The exchange however made it clear that only proof-of-stake ETH tokens (ETHS) would be supported by Remitano. Users interested in tokens from both forks are advised to withdraw their ETH from the exchange before 11:00:00 (UTC), September 10, 2022.
Swap Trading Not Affected
It is necessary to let the users of the exchange know that swap trading of tokens will not be affected as they can still trade ETH and USDT ERC-20. Only withdrawals will be affected.
“Remitano will temporarily suspend the opening of Swing orders for ETH around 2022-09-10 11:00:00 (UTC) until The Merge is completed.
Opening ETH Swing orders can not be closed during the above time period. Please ensure that you have enough time to ensure your ETH Swing orders are fully processed before the above time.”