Binance to Distribute Ethereum PoW Tokens
Crypto exchange Binance has just announced it intends to distribute tokens of the PoW-based fork of Ethereum to ETH holders after The Merge update goes live.
According to the announcement:
«If the ETHW chain persists, Binance will handle all technical requirements involved for all users holding ETH and WETH in their Binance accounts, and credit the forked token (ETHW) to eligible users’ Binance accounts at a ratio of 1:1.»
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It should be noted that ETHW withdrawal will be available after a while. The platform will report on this in a separate release.
In anticipation of The Merge, which is scheduled for September 15, the exchange will take a number of additional measures, including the suspension of WETH deposits and withdrawals from September 14 and the conversion of WETH funds to ETH.
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In addition, users who have borrowed ETH will also be required to repay the value of ETHW.
BETH holders will not receive ethereum PoW tokens.