Terra (Luna) Upcoming Upgrade Gets Binance Support

Terra wants to upgrade its network, and Binance exchange offers total support.

The Crypto Basic recently reported that Terra plans to implement a network upgrade to install three new updates onto the system. Apparently, the three updates pertain to how special accounts are created and used within the network. Plans for the upgrade followed a successful voting event for the proposal.

Following this, Binance exchange has announced that it will be offering its full support for the Terra network upgrade.

#Binance will support the Terra $LUNA network upgrade.https://t.co/o1a3dcvgxY

— Binance (@binance) July 28, 2022

LUNA Trading Will Not Be Affected

Besides sending out a tweet to that effect, the exchange also made a blog post to inform its customers how it planned to offer its support to Terra and LUNA. According to the post, Binance will not halt LUNA trading during the Terra network upgrade expected to occur at block 890,000 at around 00:00 UTC.

However, LUNA deposits and withdrawals will be suspended starting from around 22:00 UTC on the material day, 28th July 2022. Going on, Binance intimated that after the Terra network upgrade is completed, the exchange will resume LUNA withdrawals and deposits and inform its customers of the same.

On its part, Terra has announced that it will be halting the network during the upgrade to allow validators to switch to the latest software.

Not The First Time Between Terra And Binance

This is not the first time the Binance exchange has supported Terra. A few weeks ago, when Terra 2.0 was created, Binance announced its support. The exchange also listed the new LUNA token and supported LUNA airdrops.

Interestingly, the Binance exchange declined support for Litecoin’s MimbleWimble Extension Block (MWEB) update, citing fears that criminals could use the new feature of enhanced transaction anonymity for money laundering and other illegal activities.