Binance, the world’s largest cryptocurrency exchange in terms of daily transaction volume, has made several new announcements. The announcements started with the Terra Luna Classic (LUNC) update. Then, BeamX announced the addition of trading pairs. Here are the details…
Binance supports Terra update
In an announcement made today morning, Binance, one of the leading cryptocurrency exchanges, announced its support for the upcoming Terra Classic (LUNC) network upgrade. The upgrade is scheduled to take place around 12:00 UTC on November 20, 2023, at block height 15,493,370. To facilitate the network upgrade, Binance will temporarily suspend deposits and withdrawals of tokens on the Terra Classic network starting approximately November 20, 2023, 11:00 AM ET. However, it is important to note that trading of tokens on the same network will not be affected during this period.
Binance, a pioneer in the crypto space, says it assures users that all technical requirements for the upgrade will be handled by the exchange. Once the network is deemed stable after the update, deposits and withdrawals for token(s) on the Terra Classic network will be reopened. No further announcement will be made regarding this matter.
BEAMX added to margin
In addition to the Terra network upgrade, Binance has expanded its offerings by adding BEAMX as a new lending asset on both Cross Margin and Isolated Margin. Traders can now explore new trading pairs such as BEAMX/USDT and OG/USDT on Cross Margin. Additionally, a new Isolated Margin pair, BEAMX/USDT, was introduced to provide users with more diverse trading options. These strategic moves by Binance are a reflection of the exchange’s efforts to provide a robust and versatile trading environment for its users.
The addition of BEAMX as a loanable asset and the introduction of new trading pairs reflect Binance’s ongoing efforts to remain at the forefront of innovation in the dynamic cryptocurrency market. While the crypto community eagerly awaits the Terra Classic network upgrade, Binance’s approach to managing the transition is noteworthy.
Merit Circle-BeamX transition: What happened?
Merit Circle (MC), one of the popular altcoins like Terra, recently announced that it will rebrand as BeamX. Accordingly, investors holding 1 MC would receive 100 BEAM in return. This transition process received support from many exchanges. These included Binance. Because, as we reported as Kriptokoin.com, Binance supported the Merit Circle-BeamX transition that took place on November 14. Now, with the transition complete, the exchange appears to be continuing its support for the new coin by adding new trading pairs. Time will tell whether there will be more announcements about BEAM in the coming period.
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