Attention cryptocurrency traders and THORChain enthusiasts! A significant announcement from Binance could impact your RUNE transactions. Binance has confirmed a temporary suspension of Binance RUNE deposits and withdrawals.
Why is Binance Pausing RUNE Transactions?
Binance, one of the world’s leading cryptocurrency exchanges, is taking this step to fully support an upcoming THORChain upgrade. Network upgrades are crucial events in the life cycle of a blockchain, bringing improvements, new features, or necessary maintenance.
According to the official announcement, the suspension of RUNE deposit and RUNE withdrawal services is scheduled to begin on June 17th at 18:00 UTC. This timing is specifically aligned with the anticipated block height for the upgrade, set at 21,574,000.
It’s important to understand that this pause is a standard procedure implemented by exchanges to ensure the safety and integrity of user funds during network transitions. By temporarily halting transfers, Binance can prevent potential issues that might arise from interacting with the chain during the upgrade process.
What Does This Mean for Binance THORChain Users?
If you hold RUNE on Binance or plan to move RUNE to or from the exchange, here’s what you need to know:
- Deposits and Withdrawals: You will not be able to deposit or withdraw RUNE on Binance starting June 17th, 18:00 UTC. Plan your transactions accordingly and complete any necessary transfers before this time.
- Trading: The suspension only affects deposits and withdrawals. Trading of RUNE on Binance is expected to continue uninterrupted during the upgrade period.
- Network Upgrade: The pause allows Binance to manage the technical aspects of the THORChain upgrade seamlessly on behalf of its users. You don’t need to do anything regarding the upgrade itself; Binance handles the technical heavy lifting.
Binance has stated that the resumption of RUNE deposit and RUNE withdrawal services will be announced once the THORChain upgrade is successfully completed and the network is deemed stable. Users are advised to monitor official Binance channels for further updates.
Staying Informed About Binance RUNE and THORChain
For anyone involved with Binance THORChain activities, keeping an eye on official announcements from both Binance and the THORChain project is crucial. While this temporary pause might require minor adjustments to your transaction timing, it ultimately supports the health and future development of the THORChain network.
This proactive step by Binance ensures that when RUNE withdrawal and deposit services resume, they will be operating on the upgraded, and presumably improved, version of the THORChain blockchain.
In Summary
Mark your calendars: June 17th at 18:00 UTC is the time when Binance will pause RUNE deposits and withdrawals to facilitate the THORChain upgrade at block height 21,574,000. This is a temporary measure designed to support the network’s evolution. Trading remains unaffected, and services will resume once the upgrade is stable. Stay informed via official channels and adjust your transaction plans as needed before the pause takes effect.
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