Dear Users,
 
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 is expected to take place between 2022-09-10 and 2022-09-20. The current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 08:30 (UTC+8).
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain on 2022-09-06 at 19:34:47 (UTC+8).
 
As a new token might be created during a hard fork, BingX will take the following steps to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork:

1. ETH and ERC-20 Deposits & Withdrawals
BingX will suspend deposits and withdrawals for tokens on the ETH and ERC-20 networks at approximately:
2022-09-06 (UTC+8) for the Bellatrix consensus layer upgrade
2022-09-14 12:00 (UTC+8) for the Paris execution layer upgrade
Please ensure that you leave sufficient time for your ETH and ERC-20 token transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on BingX.

2. Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
Scenario A:
No new token is created. BingX will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. There will be no further notice.
Scenario B:
The chain splits into two competing chains and a new token is created. The “ETH” ticker will be used for the Ethereum PoS chain. We will then credit to users’ BingX accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at ETH mainnet block height of 15,540,293, or 2022-09-15 08:30 (UTC+8)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
BingX reserves the right to update the treatment of the chain split in a further announcement.
In order to protect BingX users, the forked token will go through the same strict listing review process as BingX does for any other coin/token. Considering internal policies, BingX cannot guarantee the successful listing of any token.
 
3. ETH and ERC-20 Tokens Spot Trading
Spot trading: Spot trading for ETH and ERC-20 tokens will not be affected. Please assess the risks before trading as price volatility is often high during contentious hard forks.

4. ETH Futures Trading
The trading of USDT-Margined and Coin-Margined ETH futures trading will continue unaffected. BingX Futures (including copy trading) will undertake additional protective measures, which include but are not limited to:
Updating spreads, minimum TP&SL limits, funding rate upper limit and settlement frequency.
Changing the constituents of the price index. Using the Last Price Protected mechanism to update the Mark Price.
In extreme cases, temporary suspension of trading will be applied to trading pairs with abnormal prices.
In the event that the chain splits into two competing chains and a new token is created, the price index of USDT-Margined and Coin-Margined ETH futures trades would be tracking the “ETH” ticker (i.e., the Ethereum PoS chain) on BingX Spot and the major Spot Market Exchanges. Should there be any changes to the underlying assets of the futures trading, BingX will provide more details or updates in further announcements.
 
5. ETH and USDT (ERC-20) Fiat Currency Transactions
 The P2P trading will not be affected. During this period, credit card purchases (Buy Crypto with credit card) may be delayed or suspended. BingX and third-party service providers will reopen deposits and withdrawals as the situation develops. Users are advised to avoid making fiat currency transactions on the affected platforms below during this period:
Banxa
 ETH USDT
Moonpay

ETH

 USDT
Wyre
 ETH USDT
XanPool
 ETH USDT
Advcash
 ETH -
 
6. Other trading services
 The Convert service for ETH will continue unaffected.
ETH-related Grid and Copy Trading will continue unaffected (additional protective measures not included).
 
 
Please Note:
Uncredited ETH deposits and pending ETH withdrawals will not count towards the snapshot of users’ ETH balances before the Paris execution layer upgrade. Please take care of your ETH and ERC-20 transfers in time. We will handle all technical requirements on BingX.
This snapshot includes the total net ETH balances across Fund and Futures accounts. Any new tokens resulting from the hard fork will be credited to eligible users' accounts.
The deposits and withdrawals will be resumed when the hard fork is completed and the network remains steady. There will be no further announcement.
The Paris execution layer upgrade is estimated to take place at the ETH mainnet block height of 15,540,293. The estimated time is for users' reference only and is subject to change depending on block propagation times.
 
For more information, please refer to:
 
Thank you for your support!
BingX Operation Team
2022-08-31
 
 
BingX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. BingX is not responsible for any loss possibly incurred from investment on the platform. For more information, please refer to Terms of Use and Risk Warning.