Binance has announced the suspension of deposits and withdrawals on the THORChain (RUNE) network, effective July 16 at 7:00 PM Turkish Time. This suspension coincides with the network’s scheduled update and hard fork, which will occur at block height 21,984,000. Despite these changes, trading of the RUNE coin will not be affected, and Binance will handle all technical requirements for the update. Once the network stabilizes, the suspension on deposits and withdrawals will be lifted.
Details of THORChain’s Network Update and Hard Fork
According to Binance, the decision to suspend RUNE coin deposits and withdrawals aligns with THORChain’s efforts to enhance network security and efficiency through its update and hard fork. The maintenance period will begin at 7:00 PM Turkish Time and will cover a critical point expected to be reached by 8:00 PM. Users wishing to transfer RUNE coins to another exchange or wallet must complete these transactions in advance, as operations during the update will not be accepted.
The exchange assures users that all technical requirements will be addressed internally, eliminating the need for user intervention. Once network stability is confirmed post-update, deposits and withdrawals will automatically resume without any additional announcements. Users will be able to see the service’s return to normal operation directly through the exchange’s interface.
Possible Impacts on Users
Users holding THORChain-based RUNE coins on the exchange will continue to enjoy uninterrupted trading, although external wallet transfers will fail during this period. Binance users planning transactions should meet their liquidity needs before the cessation of operations. Otherwise, access to funds will remain restricted until deposits and withdrawals restart on the network.
The planned network update aims to enhance the stability and scalability of the Blockchain. Users are advised to regularly monitor the exchange’s schedule to anticipate any block height or time/date changes and remain prepared.
