Binance Moves First: Exchange Preempts Chaos as THORChain’s Network Overhaul Looms

Binance isn’t waiting around—the world’s largest crypto exchange just made a power play ahead of THORChain’s make-or-break protocol upgrade. Here’s the inside track on how CZ’s crew is positioning themselves.

The Backroom Maneuver

Insiders confirm Binance has already frozen RUNE deposits/withdrawals—a full 48 hours before THORChain’s scheduled hard fork. Preemptive strike? Or just common sense when dealing with decentralized finance’s most accident-prone protocol?

Why This Matters

THORChain’s upgrade promises cross-chain swaps without wrapped tokens—if it doesn’t implode first. Binance’s early move suggests they’ve learned from last year’s $8M exploit (and the ensuing PR nightmare).

The Cynic’s Take

Wall Street would call this ’risk management.’ In crypto? We call it ’not getting rekt again.’ Either way, watch the retail traders panic-sell when they realize their arbitrage plays just got locked down.

Transactions to be Suspended

According to Binance, the ability to deposit and withdraw funds through the THORChain network will be temporarily suspended from 17:00 local time on May 1, 2025. This pause is mandatory due to the planned network update and hard fork. Investors are advised to complete their transactions before this period to avoid inconveniences.

The network update and hard fork are set to occur at block 20,940,000, which is expected around 18:00 local time on the same day. Binance will oversee the procedural transition by monitoring the seamless completion of block production.

Binance will manage the entire process using its own systems, eliminating the need for users to handle technical specifics. Once the update is complete and the network is deemed stable, Binance will reactivate deposits and withdrawals on the network.

RUNE Coin Trading Remains Unaffected

Importantly, Binance has reassured users that RUNE coin trading will not be impacted by these updates. Trading in the spot market and other trading sections will continue without interruption, with only a temporary halt in transfer activities.

Technical changes occurring within the network will be managed in a way that does not directly affect users. Historically, Binance has demonstrated high operational success in achieving smooth transitions during such technical processes. The technical team will monitor the new Blockchain version, conduct necessary tests, and resume activities once stability is confirmed without issuing further announcements.

Users are not required to make technical interventions throughout this transition. No changes need to be made to wallet addresses or transaction settings, as Binance will directly organize system updates.