Binance to Support Terra Classic (LUNC) Network Upgrade

Binance crypto exchange has announced that it will support the network upgrade of Terra Classic (LUNC).

The exchange has also provided information on what LUNC users should expect during and after the upgrade period.

The upgrade, which will take place on epoch 15,029, is a result of the LUNC community voting to pass Proposal 11242, which eliminates the re-minting of a portion of the burn tokens.

The upgrade is expected to take approximately three hours and during this time, deposits and withdrawals will be disabled on the Binance exchange.

This will affect USTC, LUNC, and ANC for the duration of the upgrade. However, users will still be able to trade the cryptocurrencies as normal on the exchange.

Once the upgrade is complete, deposits and withdrawals for LUNC, USTC, and ANC will automatically be reopened, but Binance will not make an announcement on this.

Users should check to see if their deposits and withdrawals are working again.

Additionally, the upgrade could have an impact on transaction fees for LUNC, USTC, and ANC.

Binance has stated that they will review and adjust the withdrawal fees for these currencies via the Terra Classic (LUNC) network in accordance with market conditions.