Binance, one of the world's leading cryptocurrency exchanges, announced it will suspend deposits and withdrawals for Polygon (POL) tokens on July 1, 2025. This suspension is to facilitate a scheduled network upgrade known as the Bhilai Hard Fork, intended to improve the Polygon network's performance and scalability.
The upgrade will begin around 8:10 a.m. UTC and is expected to activate at block height 7,344,0256 approximately an hour later. While deposits and withdrawals will be temporarily halted, trading of Polygon tokens on Binance will continue without interruption as the exchange manages all technical processes for users during this period.
The Bhilai Hard Fork targets enhancements to Polygon’s Bor nodes, which are critical for transaction processing and security. This update, featuring Bor version 2.1.1, aims to increase throughput to nearly 1,000 transactions per second (TPS) with finality under five seconds. A subsequent upgrade scheduled for October may further enhance performance to 5,000 TPS.
Binance advises users to complete any intended deposits ahead of the suspension and notes that deposit and withdrawal services will resume only once the network's stability is confirmed. No separate announcements about resumption of services will be issued.
Additionally, Binance will launch new USDC trading pairs for Livepeer (LPT) and Ravencoin (RVN), along with spot algorithmic order trading bot support for LPT/USDC, RVN/USDC, and ARB/USDC on the same date.