Binance has announced a suspension of deposits and withdrawals on the THORChain network scheduled for a planned update and hard fork effective July 16.
Details of THORChain’s Network Update and Hard Fork
According to Binance, the suspension of deposits and withdrawals for RUNE is aligned with THORChain’s efforts to enhance network security and efficiency. The maintenance will begin at 7:00 PM Turkish Time and will cover a critical point expected to be reached by 8:00 PM. Users wishing to transfer RUNE coins to another exchange or wallet must complete these transactions in advance, as operations during the update will not be accepted.
Possible Impacts on Users
Users holding THORChain-based RUNE on the exchange will continue to enjoy uninterrupted trading, although external wallet transfers will fail during this period. Binance users planning transactions should meet their liquidity needs before the suspension of operations, as access to funds will remain restricted until deposits and withdrawals restart.
Recommendations for Users
The planned network update aims to enhance the stability and scalability of the Blockchain. Users are advised to regularly monitor the exchange’s schedule to anticipate any block height or date changes and remain prepared.
The trading suspension on Binance is part of a strategic update to improve the THORChain network's functionality. Users should pay attention to changes and prepare in advance for potential delays in accessing their funds.
