Binance Pauses RUNE Deposits and Withdrawals for THORChain Network Upgrade

Binance has announced a temporary suspension of RUNE (RUNE) deposits and withdrawals to support an upcoming network upgrade for the THORChain blockchain. The upgrade, described as crucial for the network's evolution, is expected to improve performance, enhance security, and potentially introduce new functionalities. The suspension began on August 28, 2023, at 4:00 p.m. UTC and affects users holding RUNE on the exchange. Deposits and withdrawals are paused to prevent potential transaction failures or fund loss during the transition.

According to the announcement, users’ RUNE assets stored on Binance remain secure and unaffected by the suspension. Spot trading of RUNE is expected to continue without interruption. However, users are advised to complete any planned transactions before the suspension begins to avoid disruptions. The resumption of deposit and withdrawal services will be announced by Binance once the network upgrade is finalized and the system is deemed stable.

This action aligns with standard protocols in the crypto industry, where exchanges pause certain operations to ensure network integrity during major blockchain upgrades. Binance emphasized that the decision reflects its commitment to supporting the long-term health and stability of the THORChain ecosystem. Other exchanges supporting RUNE may follow similar procedures, though the specifics will vary depending on individual platform policies.

The network upgrade is part of an ongoing effort to enhance the decentralized liquidity protocol, which is central to THORChain’s operations. As blockchain technology continues to develop, such coordinated efforts between exchanges and blockchain projects are critical for maintaining a secure and efficient decentralized finance environment. Users are encouraged to stay updated through official announcements and to plan transactions accordingly to avoid unnecessary delays.

Source: [1] Crucial RUNE Network Upgrade: Binance Temporarily Halts Deposits and Withdrawals (https://coinmarketcap.com/community/articles/68ae72484238b07f43fde77e/)