Binance Halts Polygon Deposits Withdrawals for Bhilai Hard Fork Upgrade

Binance, a prominent cryptocurrency exchange, has announced a temporary halt to deposits and withdrawals on the Polygon (POL) network starting from July 1, 2025. This measure is in response to a major network upgrade known as the Bhilai Hard Fork, which is scheduled to occur at block 73440256, approximately at 9:10 a.m. UTC on the same day. The upgrade is designed to enhance the network’s performance and scalability, addressing key issues such as transaction speeds and security protocols.

The suspension of deposits and withdrawals is a precautionary step to ensure a smooth transition during the upgrade process. Binance has assured users that trading activities involving Polygon-based tokens will not be interrupted. The exchange is committed to minimizing any inconvenience to users and has stated that all technical issues will be addressed promptly. The upgrade is expected to conclude in mid-September 2021, after which normal operations will resume.

During the upgrade, transactions on the Polygon network will be temporarily disabled until the hard fork has established stability. Binance has not provided a specific timeline for when services will be fully restored, advising users to monitor the platform in real-time for updates. This proactive approach by Binance reflects its dedication to maintaining the integrity and security of its platform, even during significant network upgrades.

In addition to the Polygon network upgrade, Binance will introduce two new USDC trading pairs on July 1. Trading for LPT/USDC and RVN/USDC will commence at 8:00 a.m. UTC, slightly before the Polygon suspension takes effect. This move is part of Binance's broader strategy to enhance trading opportunities and automation for its users. The exchange will also add more trading bots for various pairs, including spot algorithm orders like spot grid and DCA for LPT/USDC, RVN/USDC, and ARB/USDC. These enhancements are aimed at improving the overall functionality and user experience on the platform.

Binance's decision to halt Polygon withdrawals during the Bhilai Hard Fork upgrade underscores the importance of network upgrades in the cryptocurrency ecosystem. As blockchain technology continues to evolve, regular updates and enhancements are crucial to meet the growing demands of users and the increasing complexity of the ecosystem. The Bhilai Hard Fork represents a significant step forward for the Polygon network, and Binance's proactive management of the upgrade demonstrates its commitment to providing a reliable and secure trading environment for its users.