In a coordinated display of industry-standard operational procedure, two of the world's leading cryptocurrency exchanges have announced temporary suspensions of deposit and withdrawal services for specific tokens to facilitate major network upgrades.
Bithumb, one of South Korea's 'Big Four' exchanges, has suspended all deposit and withdrawal services for Merlin Chain (MERL) effective from 1:30 p.m. UTC on January 20, 2025. The suspension is a proactive measure to support a significant upcoming network upgrade for the Merlin Chain protocol, a Bitcoin Layer 2 scaling solution. The exchange confirmed that trading of MERL tokens against pairs like Bitcoin (BTC) and Tether (USDT) will continue uninterrupted on its internal order books. Bithumb has not announced a specific end time for the suspension, noting it will last until its technical team confirms the upgraded network is stable and their node integration is complete—a process that can take several hours to a full day.
Separately, global exchange giant Binance announced a temporary suspension of THORChain (RUNE) deposits and withdrawals, set to begin on January 22, 2025, at 8:00 p.m. UTC. This operational pause is to facilitate a crucial protocol upgrade for the THORChain network, a decentralized cross-chain liquidity protocol. Similar to Bithumb's approach, Binance confirmed that RUNE spot trading will continue unaffected. The suspension is expected to last between 2 to 8 hours, though the duration may vary based on post-upgrade network stability checks.
Both exchanges emphasized that user funds remain secure during these suspensions, which are preventive measures to protect assets during technically sensitive blockchain state changes. Network upgrades, often involving hard forks or mainnet updates, are standard in blockchain development to introduce new features, enhance security, or improve scalability. Exchanges must temporarily halt external transactions to ensure a safe transition, preventing potential loss or errors such as double-spending during the chain split.
Industry analysts view these transparent, pre-announced suspensions as a sign of responsible custodianship. A blockchain infrastructure specialist noted that such actions demonstrate exchanges prioritize asset security over uninterrupted availability during critical periods. Data indicates that over 95% of major network upgrades in 2024 were accompanied by similar temporary suspensions from top-tier exchanges, establishing this as a best practice. For context, during Ethereum's landmark "Merge" upgrade in 2022, virtually every global exchange enacted similar freezes for over 24 hours.
Users of both platforms are advised to complete any pending deposits or withdrawals before the respective deadlines, monitor official exchange channels for resumption notices, and be aware that trading within the exchanges continues normally. Both Bithumb and Binance have committed to providing updates via their official websites, application notifications, and social media channels.
