In a coordinated display of standard security protocol, two major cryptocurrency exchanges, Upbit and Binance, have announced temporary suspensions of withdrawals and deposits for specific blockchain networks undergoing scheduled upgrades.
Upbit, South Korea's leading digital asset platform, will suspend withdrawals for LUNA2 (Terra 2.0) starting at 9:00 a.m. UTC on March 12, 2025. The exchange cited a planned network upgrade for the Terra 2.0 blockchain as the reason, emphasizing it is a proactive measure to ensure security and technical integrity. Deposits for LUNA2 will remain operational, and while no exact end time was given, the suspension is expected to last several hours based on industry standards for such upgrades. Upbit has a history of resuming services promptly after confirming network stability.
Simultaneously, global exchange giant Binance disclosed it will temporarily halt deposits and withdrawals on the Ethereum network. The upgrade is scheduled for March 10, 2026, and is expected to take roughly an hour to complete. Binance assured users that trading of Ethereum ecosystem assets will not be affected and that this is a standard procedure the exchange has carried out seamlessly many times before for networks including Cardano and BNB Smart Chain.
The announcements highlight the meticulous approach major exchanges take during critical blockchain infrastructure changes. Such suspensions are designed to prevent transaction failures or fund loss that could occur if a network's state changes mid-transfer. For the Terra ecosystem, which is rebuilding after its catastrophic 2022 collapse, every technical event is scrutinized for its impact on market confidence.
In a separate but related update, Binance also announced the expansion of its spot trading offerings, with a focus on the stablecoin U (United Stables). New trading pairs including BCH/U, NEAR/U, TRX/U, and NEAR/USD1 are set to go live on March 10, 2026, with Trading Bots support launching the same day.
