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Binance announces support for the Ethereum Istanbul upgrade
Binance announces support for the Ethereum Istanbul upgrade
Ethereum

Binance announces support for the Ethereum Istanbul upgrade

By Stefania Stimolo - 5 Dec 2019

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On the occasion of the next upgrade of the Ethereum (ETH) blockchain, Ethereum Istanbul, the main crypto exchange Binance announces to join and instructs its users on how to behave.

The Istanbul update of Ethereum, released two weeks ago, will begin when it reaches the block 9069000 that is estimated to happen this Saturday, December 7, and provides for the implementation of new EIP (Ethereum Improvement Proposal). 

According to Binance, both ETH deposits and withdrawals will be suspended on the platform before the height of the 9069000 block, while ETH trading will not be affected during the update. 

The exchange points out that the decision to stop deposits and withdrawals is basically given for a matter of timing dedicated to technical management on the platform for ETH holders in their Binance accounts. 

Once the Ethereum network has completed the update, the crypto exchange will reactivate the ETH deposits and withdrawals section without alerting users with dedicated announcements. 

If you want to monitor the countdown for the arrival of the 9069000 block, so you can be sure of the perfect time for the start of the upgrade you can view it on Ethernodes and Etherescan

Not only that, you can also monitor the network update in real time on Ethereum Chain State

Ultimately, on the official announcement about the Ethereum Istanbul update in regards of the behavior to be held, users of Ethereum or ETH holders must not do anything unless their current crypto manager indicates otherwise. 

The crypto manager means the use of exchange (like Binance), e-wallet (like MyCrypto), mobile wallet (like Coinbase Wallet) or hardware wallet (like Ledger). 

The post also describes:

Ethereum Improvement Proposals (EIPs) describe standards for the Ethereum platform, including core protocol specifications, client APIs, and contract standards. Please see the EIP which catalogs specific changes going into Istanbul at EIP-1679.

 

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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