Binance, a top global cryptocurrency exchange, has announced its commitment to support the upcoming Conflux (CFX) network upgrade and hard fork scheduled for March 17, 2025. Starting at 14:00 UTC, deposit and withdrawal services for CFX coins will be temporarily halted. This precaution aims to ensure the safety of user assets and facilitate a seamless transition by implementing the necessary technical preparations. The halt will remain in place until the network demonstrates stability.
What to Expect from the Conflux Upgrade?
The Conflux development team seeks to boost network efficiency and roll out new features at the upgrade, which will occur at a block height of 118,580,000. As the hard fork involves significant alterations to the existing protocol, users must update their software accordingly. Binance will oversee all related transactions during these technical modifications, easing the process for users.
How Will This Impact CFX Holders?
The exchange informed users well in advance about the suspension of CFX operations, ensuring they remain informed and prepared. Binance clarified that no extra actions are needed from users who hold CFX coins, whether in wallets or on the exchange, during the hard fork. Trading for the altcoin will continue uninterrupted, although users should finalize any transfers before the suspension begins.
Key takeaways from this announcement include:
- Temporary suspension of CFX deposits and withdrawals starting March 17, 2025.
- Users will need to update their software for the new protocol.
- Trading operations for CFX will remain active during the upgrade.
- Users are encouraged to complete transfers before the specified time.
Once the upgrade is complete and the network stabilizes, Binance will automatically restore deposit and withdrawal services for CFX coins. This initiative underscores the exchange’s commitment to maintaining user asset security while enhancing the overall performance of the Conflux network.
