Binance Temporarily Suspends RUNE Deposits and Withdrawals for THORChain Upgrade

Binance will temporarily halt RUNE deposits and withdrawals starting July 31, 2024, at 17:00 UTC to support a critical THORChain network upgrade. This pause aims to ensure the stability and security of the upgrade process, preventing transaction errors and safeguarding user assets during the transition [1]. During the suspension period, users are advised to avoid initiating any RUNE-related transactions on the platform until services resume post-upgrade.

The suspension is a standard practice for major blockchain upgrades, particularly when changes involve core network protocols. THORChain, a decentralized liquidity protocol, relies on the native RUNE token to secure its network and enable cross-chain swaps. The upgrade is expected to enhance the protocol’s efficiency, scalability, and security, with benefits including faster transaction speeds, reduced fees, and expanded functionality for DeFi users [1]. These improvements align with the broader trend of blockchain protocols prioritizing performance optimization and user experience.

RUNE holders on Binance are encouraged to complete any necessary transactions prior to the suspension. Once the upgrade is finalized and network stability is confirmed, Binance will resume RUNE deposit and withdrawal services. Users are advised to monitor official Binance communications for real-time updates, as resumption timing will depend on the success of the upgrade and the exchange’s internal verification process [1]. Best practices include verifying transaction timelines and, if necessary, using alternative platforms or self-custody solutions for urgent transfers, while ensuring due diligence to avoid asset risks.

The move underscores the importance of transparency and proactive communication in the cryptocurrency ecosystem. Users are increasingly expected to stay informed about network developments and platform maintenance activities. This Binance suspension highlights how coordinated actions between exchanges and blockchain networks are essential for minimizing disruptions and maintaining trust. The focus on security during such transitions also reflects broader industry efforts to strengthen infrastructure against potential vulnerabilities [1].

Binance’s temporary suspension of RUNE transactions is a precautionary measure, not an indication of instability or risk. Users should be assured that existing RUNE balances on the platform remain unaffected and secure. The upgrade process is a planned and necessary step toward improving THORChain’s capabilities, supporting its role as a key player in decentralized finance. As the upgrade progresses, the impact of these enhancements will likely be felt across the broader DeFi landscape, potentially influencing user behavior and investment strategies in the months ahead [1].

Source: [1] Binance Plans Temporary Suspension of RUNE Deposits and Withdrawals Ahead of THORChain Network Upgrade July 31, 2025 https://en.coinotag.com/binance-plans-temporary-suspension-of-rune-deposits-and-withdrawals-ahead-of-thorchain-network-upgrade/