Binance has announced a temporary suspension of RUNE deposits and withdrawals to support a critical THORChain network upgrade. This move ensures the security and stability of your assets during this pivotal transition. Here’s everything you need to know.
Why Is Binance Suspending RUNE Transactions?
Binance will pause RUNE deposits and withdrawals starting July 31, 2024, at 17:00 UTC. This is a standard precautionary measure to ensure a smooth THORChain network upgrade. Key reasons include:
- Preventing transaction errors during the upgrade
- Safeguarding user assets
- Ensuring network stability
What Does the THORChain Upgrade Mean for DeFi?
The THORChain upgrade aims to enhance the protocol’s efficiency, scalability, and security. Expected benefits include:
- Faster transaction speeds
- Reduced fees
- Expanded functionality for DeFi users
How to Prepare for the RUNE Suspension
RUNE holders on Binance should:
- Complete urgent transactions before July 31
- Monitor Binance announcements for updates
- Consider alternative platforms for urgent transfers
When Will RUNE Services Resume?
Binance will restore RUNE deposits and withdrawals once the upgrade is complete and network stability is confirmed. Stay tuned to official Binance channels for real-time updates.
FAQs
1. Is my RUNE balance safe during the suspension?
Yes, your existing RUNE balances on Binance remain secure and unaffected.
2. Can I trade RUNE on Binance during the suspension?
Trading will not be affected, only deposits and withdrawals.
3. How long will the suspension last?
The duration depends on the upgrade’s success and Binance’s verification process.
4. What if I need to transfer RUNE urgently?
Consider using alternative platforms or self-custody solutions, but ensure due diligence.
