Binance Backs Terra's LUNA Upgrade: Temporarily Halting Deposits and Withdrawals

Binance, one of the world's leading cryptocurrency exchanges, has announced its support for the upcoming Terra (LUNA) network upgrade and hard fork. The exchange will temporarily suspend deposits and withdrawals of LUNA tokens to facilitate the network's upgrade process.

The Terra network upgrade and hard fork are scheduled to take place on March 4, 2025, at 22:32 (UTC+8). During this period, Binance will halt LUNA token deposits and withdrawals to ensure the safety and security of users' assets. The exchange will resume these services once the network upgrade is complete and the LUNA mainnet is stable.

The Terra network upgrade aims to enhance the network's performance, security, and scalability. The hard fork is expected to introduce several improvements, including increased transaction processing speed, reduced gas fees, and enhanced interoperability with other blockchains. These upgrades are designed to strengthen the Terra ecosystem and attract more users and developers to the platform.

Binance's decision to support the Terra network upgrade and hard fork demonstrates its commitment to providing a secure and reliable trading environment for its users. The exchange has a history of supporting network upgrades and hard forks for various cryptocurrencies, including Bitcoin, Ethereum, and others.

The Terra (LUNA) network upgrade and hard fork are significant events in the cryptocurrency industry, as they highlight the continuous evolution and improvement of blockchain technology. As the Terra ecosystem grows and expands, it is essential for exchanges like Binance to support these upgrades to ensure the smooth operation of the network and the protection of users' assets.