Binance Supports Terra (LUNA) Network Upgrade On July 18: Report

Key Points:

• Binance will support the Terra (LUNA) network upgrade on July 18, 2023, but the trading of LUNA will not be affected during the upgrade.
• Deposits and withdrawals of LUNA will be suspended starting from approximately 12:00 (UTC) on July 18, 2023.
• The exchange will handle all technical requirements involved for all users holding LUNA in their Binance accounts.

Binance supports Terra (LUNA) network upgrade on July 18, 2023. Trading not affected. During upgrade, deposits and withdrawals suspended. Binance handles technical requirements for users.

Binance has announced its support for the Terra (LUNA) network upgrade. The upgrade will take place at the Terra block height of 5,994,365, which is approximately on July 18, 2023, at 13:00 (UTC). During this time, deposits and withdrawals of LUNA will be suspended starting from approximately 12:00 (UTC). It’s important to note that the trading of LUNA will not be affected during the network upgrade.

Binance will handle all technical requirements involved for all users holding LUNA in their Binance accounts. The upgrade is estimated to take place at the Terra block height of 5,994,365, but the estimated time is for users’ reference only. Once the exchange deems the upgraded network to be stable, deposits and withdrawals for LUNA will be reopened, and users will not be notified of further announcements.

Binance had announced the resumption of the “Market Order – Total” feature for impacted Spot and Margin trading pairs. Starting from July 19, 2023, at 02:00 (UTC), users will once again have access to this important functionality. The feature had been temporarily suspended since May 7, 2023, at 09:00 (UTC).

The update brings good news to BNB users as they will now be able to utilize both the “Total” and “Slider for Amount Customization” features while placing market orders on any Spot or Margin trading pair. These features provide enhanced flexibility and customization options, enabling users to optimize their trading strategies.

Meanwhile, in a recent update on Twitter, Changpeng Zhao (CZ), the representative of Binance, revealed that the exchange experienced a brief technical glitch with its withdrawal system. The issue persisted for approximately 10 minutes before being completely resolved.

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