Binance announced its support for the upcoming Terra (LUNA) network upgrade. The improvement is scheduled to occur at the block height of 7,722,000, roughly estimated to be at 14:30 (UTC) on November 15, 2023.
Binance will suspend deposits and withdrawals for tokens on the Terra network starting from approximately 13:30 (UTC) on November 15, 2023. This preventive measure is common during network upgrades to ensure the safety and security of the assets. The resumption of deposits and withdrawals will be based upon the assessment of the upgraded network stability. Binance stated no further announcements would be made regarding the reopening.
Importantly, Binance clarified that this upgrade would not impact token trading on the Terra network. Customers can continue to trade Terra tokens on Binance during the upgrade period.
For all users, Binance will manage the technical requirements ensuring smooth operation during and after the network upgrade. Any potential disruption or inconvenience is expected to be minimal. Binance continues to support and adapt to new developments within the digital assets it offers on its platform.
