In a significant move for the Terra Classic community, Binance has announced a temporary halt on deposit and withdrawal services for Terra Classic (LUNC). This suspension is set to begin on December 18 at 2:10 PM UTC, coinciding with a crucial network upgrade. The source notes that this decision is aimed at ensuring a smooth transition during the upgrade process.
Pause of Services for Network Upgrade
The decision to pause these services is aimed at ensuring a smooth implementation of the network upgrade on the Terra Classic blockchain. During this period, while external transfers will be unavailable, trading activities will continue without interruption, ensuring that users can still engage in buying and selling LUNC.
Security of Funds During the Upgrade
Binance has reassured its users that their funds will remain secure throughout the upgrade process. Users are encouraged to finalize any planned transfers before the suspension begins and to stay updated through official Binance channels for any further announcements regarding the upgrade.
As Binance prepares to halt services for Terra Classic (LUNC) during a network upgrade, the ongoing legal issues surrounding Do Kwon, co-founder of Terraform Labs, continue to raise concerns about the future of Terra assets. For more details, see legal situation.
