Brazilian brokerages to suspend withdrawals and deposits of Ethereum on Thursday

Charlie Taylor

Most cryptocurrency exchanges operating in Brazil will suspend the withdrawal and deposit of Ethereum (ETH) on Thursday morning (5) with the arrival of the new currency update. The temporary interruption of services is a measure adopted to protect users from possible risks that may occur during activation on the main network of the hard fork 'London'. At Binance, Ethereum withdrawals and deposits will be suspended from 8:45 am (GMT). If no unforeseen events occur, the services will be returned as soon as the update is completed. Foxbit and OKEx will also make the same suspension from 6:00 am, with a return forecast as soon as stability on the Ethereum network is confirmed. The Brazilian exchange Coinext will interrupt ETH withdrawals and deposits earlier, at 20:00 on Wednesday (4). Services return to normal within hours of the update. BitcoinTrade, Foxbit, NovaDax, Ripio and Bitso also reported that the sending and withdrawing of ether on the platforms will be disabled for a few hours on Thursday morning, but that trading will continue normally. The suspensions on all exchanges mentioned above are also valid for tokens based on the ERC-20 standard, built on the Ethereum network. The Bitcoin Market, on the other hand, will not suspend withdrawals and deposits of ether or other cryptocurrencies, but stated that "it is monitoring and carrying out tests with the new update". Binance explains that if a new currency emerges from the hard fork – as happened in the case of Ethereum and Ethereum Classic –, the brokerage will first credit users of the larger network and, subsequently, investors of the smaller network. Likewise, OKEx points out that if the network splits into concurrent chains, it will treat tokens with greater computing power as ETH, and as “Forked” the coins in the parallel chain.

Ethereum Update

Hard fork London will be activated in the 12,965,000 block of Ethereum and will bring five improvements that promise to make the ecosystem more stable and efficient. Of this set, the EIP-1559 is the most anticipated improvement for changing how the network's fee system works. The measure tends to lower gas costs and contain ether inflation by causing transaction fees paid by users to be burned rather than going to miners, as was done before. With less than 24 hours before the arrival of the new update, the ETH values ​​8.3%, worth US$ 2,700. At Brazilian brokers, the currency is traded at R$14,200, according to the Ethereum Price Index (IPE).

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