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Binance, one of the largest cryptocurrency exchanges in the world, announced its support for the planned upgrade and hard fork of the Conflux (CFX) network, set for March 17, 2025. Starting at 14:00 UTC on that date, deposit and withdrawal operations for CFX coins will be temporarily halted. Binance aims to ensure user asset security and guarantee a smooth transition by preparing the necessary technical infrastructure. The resumption of CFX coin deposit and withdrawal operations will depend on the stability of the network.
Details of the Conflux Network Upgrade and Hard Fork
The Conflux team aims to enhance network performance and introduce new features with the upgrade occurring at a block height of 118,580,000. As the hard fork involves fundamental changes to existing protocol rules, users will need to update their software. Exchanges like Binance facilitate this process by managing all related transactions on behalf of users during such technical changes.
Network upgrades are crucial for maintaining the security and efficiency of blockchains. In this regard, the Conflux team’s initiative stands out as a development package focused on scalability and transaction speed. While users do not need to take any action regarding their assets, Binance’s suspension of CFX deposit and withdrawal operations can be seen as a temporary precaution.
Important Notes for CFX Coin Holders
Binance clearly communicated the date and time when deposit and withdrawal operations for CFX coin will be suspended to keep users informed. The exchange emphasized that there will be no additional steps required for users holding CFX coins in their wallets or on the exchange during the hard fork. Trading operations for the altcoin are expected to continue without interruption.
Users are advised to complete their transfers before the suspension time. Once the network stabilizes after the upgrade and hard fork, deposit and withdrawal operations will automatically resume.
