Two of the world's leading cryptocurrency exchanges, Binance and Upbit, have announced coordinated support for upcoming network upgrades on the Moonbeam and Terra Classic blockchains respectively. These moves highlight the critical role exchanges play as infrastructure nodes in ensuring secure technical transitions within the cryptocurrency ecosystem.
Binance has declared its support for the Moonbeam (GLMR) network upgrade scheduled for April 13, 2026. The exchange will temporarily suspend deposits and withdrawals on the Moonbeam network starting at 3:00 PM UTC, with the upgrade expected to occur around 4:00 PM UTC at block number 15,190,604. Binance emphasized that the update requires no action from users and that trading of GLMR tokens in spot and other markets will continue uninterrupted. The exchange will manage the entire technical process and reopen deposits and withdrawals once the upgraded network is deemed stable.
Separately, South Korea's premier exchange, Upbit, announced a temporary suspension of Luna Classic (LUNC) withdrawals starting at 9:00 AM UTC on April 17, 2025. This action is a direct security protocol to support an upcoming critical network upgrade on the Terra Classic blockchain. Upbit confirmed that LUNC deposits and all trading functions will remain fully operational during the suspension period. The exchange will reactivate withdrawals via official notice once network stability is confirmed post-upgrade.
These announcements follow established industry protocols where major exchanges proactively manage user assets during live chain upgrades to prevent transaction failures or fund loss. Blockchain infrastructure specialist Dr. Mina Park noted, "Exchanges are the gatekeepers of user assets in these transitions. Their suspension of withdrawals isn't a service outage; it's a deliberate security protocol that protects users from the inherent risks of a live chain upgrade."
The Terra Classic upgrade is particularly significant given the historical context of the 2022 Terra ecosystem collapse, which erased nearly $40 billion in market value. Post-collapse, the Terra Classic community adopted a more conservative governance model, with upgrades undergoing extensive testnet testing before mainnet deployment.
Both exchanges' actions demonstrate a mature phase in cryptocurrency infrastructure, where exchanges actively participate in blockchain governance and technical stewardship. Their clear communication—specifying exact times, reasons, and unaffected services—aligns with best practices for transparency and user protection, as outlined in guidelines from regulators like South Korea's Financial Services Commission (FSC).
