Binance will temporarily suspend Terra deposits and withdrawals on December 8 to support a scheduled blockchain upgrade targeting block height 18,660,000.
The world's largest cryptocurrency exchange announced the maintenance window will begin at 12:05 UTC.
The network upgrade is expected to occur approximately one hour after the suspension begins. Binance stated it will handle all technical requirements on behalf of users to ensure the process runs smoothly.
Trading of LUNA and related tokens will continue without interruption during the upgrade. The restriction applies exclusively to deposit and withdrawal transactions.
What Happened
Binance confirmed the temporary suspension will begin at 20:05 Hong Kong time on December 8. All tokens on the Terra network will be affected by the deposit and withdrawal restrictions.
The exchange emphasized that users will not need to take any additional steps during the upgrade process. Once the Terra network is confirmed stable following the upgrade, deposit and withdrawal services will resume without further announcement.
Terra Classic price jumped 22% in the 24 hours following the announcement, reaching approximately $0.000034. Trading volume surged more than 370% to nearly $46 million across major exchanges.
The Terra Classic community has maintained ongoing development efforts since the original Terra blockchain collapse in May 2022. The network rebranded to Terra Classic after launching a separate Terra 2.0 chain.
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Terra Classic developers have shared updates about security patches and system improvements in recent weeks. The burn mechanism has destroyed 426.79 billion tokens since May 2022, representing nearly 8% of total supply.
Why It Matters
Network upgrades represent critical maintenance for blockchain security and performance. Exchange support allows users to continue trading activities while technical teams handle complex upgrade processes behind the scenes.
Binance has demonstrated consistent support for Terra Classic through monthly token burn mechanisms. The exchange has burned approximately 68.39 billion LUNC tokens by destroying 50% of spot and margin trading fees.
The price surge and volume increase suggest renewed market interest in Terra Classic ahead of the upgrade. Technical indicators show LUNC broke out of a falling wedge pattern and is holding above key support levels.
Temporary suspension of deposits and withdrawals during blockchain upgrades is standard practice across cryptocurrency exchanges. The approach prevents potential technical issues that could occur if transactions processed during network transitions.
Terra Classic continues operating as a community-driven project after most original developers moved to the new Terra 2.0 chain. The blockchain supports smart contracts through CosmWasm and maintains compatibility with the Cosmos ecosystem.
Major exchanges including Bybit and OKX have also pledged support for Terra Classic network upgrades. The coordinated exchange backing demonstrates institutional commitment to maintaining infrastructure for the legacy blockchain.
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