Binance Announces Support for Network Upgrade to Stop Terra Classic (LUNC) Reminting

Binance, the largest cryptocurrency exchange by trading volume, has recently announced its support for the Terra Classic upgrade that is aimed at ending the continued LUNC reminting.

The new development, which is expected to excite the teeming Terra Classic community members, was announced by the exchange via its official Twitter handle.

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Binance exchange tweeted, “Binance will support the Terra Classic LUNC Network Upgrade.”

In a blog post captioned in the announcement, Binance said it will support the Terra Classic (LUNC) network upgrade in line with the latest community proposal.

According to the announcement, the network upgrade will play out at epoch 15,029, or approximately at 04:50 (UTC) on the 14th of January 2023.

For this reason, the exchange noted that deposits and withdrawals for LUNC, USTC, and ANC via the Terra Classic (LUNC) network will be suspended on January 14, 2023, at 03:50 (UTC).

Read Also: LUNC Dev Group Raises $1 Million Funding For DeFi Project That Includes Terra Classic DEX

Important message to LUNC, USTC, and ANC holders on Binance exchange:

1. The network upgrade will take approximately three hours.
2. The trading of LUNC, USTC and ANC will not be affected during the network upgrade.
3. The Terra Classic (LUNC) network upgrade will take place at the epoch 15,029. The estimated time is for users’ reference only.
4. Binance will handle all technical requirements involved for all users holding LUNC, USTC and ANC in their Binance accounts.
5. Binance will review and adjust the withdrawal fees for LUNC, USTC and ANC via the Terra Classic (LUNC) network in accordance with market conditions, where applicable.
6. We will reopen deposits and withdrawals for the Terra Classic (LUNC) network once we deem the upgraded network to be stable, and we will not notify users in a further announcement.
7. Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
   

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