OKX issues service update ahead of ETH merge
OKX further anounced its plan to halt ETH and other Ethereum-oriented (ERC-20) token deposits and withdrawals during the two upgrade events. According to the protocol, if the merge does not produce new tokens, it will resume “ETH and ERC-20 token deposits, withdrawals, and cross-chain bridge services once we confirm that the Ethereum Mainet is stable and secure.” OKX said if the merge produces new tokens, it “will treat the tokens generated on the Ethereum PoS chain as ”ETH“ and treat tokens generated on the Ethereum PoW chain as forked tokens.” The crypto trading platform insisted that the merge would not impact trading for ETH cross and isolated margin pairs. However, it intends to “suspend ETH margin and VIP borrowing services.” It may “adjust the margin borrowing interest rate based on market conditions.” Similarly, OKX further states that “the Merge will not affect ETHUSD options trading.” However, the platform encourages users to reduce or close their positions, reduce their leverage, or increase the margin in advance as “ETH prices might experience extreme fluctuations during the Merge.” OKX promises to instill more risk control mechanisms depending on the prevailing market conditions.