Binance on their Twitter told what they will do during the merger procedure.
— Deposits and withdrawals of ETH
Binance will suspend deposits and withdrawals of ETH and ERC-20 tokens at approximately:
▪️ 09/06/2022 11:00 AM (UTC) for Bellatrix consensus level update.
▪️ 09/15/2022 00:00 (UTC) to update the Paris runlevel.
- Concerning the merger
Two likely Ethereum (ETH) merger scenarios:
📌Scenario A: No new token is created. Binance will then resume deposits and withdrawals of ETH and ERC-20 tokens as soon as possible.
📌Scenario B: The chain splits into two competing chains and a new token is created. The ticker "ETH" will be used for the Ethereum PoS chain. Binance will then credit a 1:1 forked token from the minority chain to Binance user accounts based on a snapshot of ETH balances prior to the Paris runlevel update.
— Spot and margin trading of ETH and ERC-20 tokens
▪️ Spot Trading: Spot trading of ETH and ERC-20 tokens will not be affected.
▪️ Margin trading: trading in ETH cross pairs and isolated margin pairs will not be affected. However, Binance will suspend ETH cross and isolated margin borrowing from 2022/09/14 00:00 (UTC) until approximately 2022/09/16 00:00 (UTC).
— Trading ETH futures
Trading in USDⓈ-M and COIN-M ETH futures contracts will not be affected. Binance Futures will take additional protective measures.
— Staking
Binance will suspend deposits and withdrawals for BETH from 2022/09/14 00:00 (UTC) until approximately 2022/09/16 00:00 (UTC). BETH is a tokenized asset representing your ETH staked on Binance.
In scenario B, BETH holders may or may not receive potential airdrops from the forked chain. After the merge, ETH 2.0 staking will resume and will not change. Please note that ETH staking withdrawals will only be opened after the next ETH mainnet upgrade (i.e. Shanghai upgrade) is completed.