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Major crypto exchange Binance has announced its support for the upcoming IOTA network upgrade and hard fork, scheduled for May 5, 2025. In preparation for this network event, the exchange will temporarily suspend IOTA deposits and withdrawals on this date.
According to an official announcement by Binance, starting at approximately 6:00 a.m. (UTC) on May 5, it will suspend deposits and withdrawals of tokens on the IOTA network to support the hard fork and ensure the best user experience. IOTA's network upgrade is expected to occur on May 5 at 7:00 a.m. (UTC).
Binance stated that the trading of tokens on the IOTA network will not be impacted, and deposits and withdrawals will be reopened once the upgraded network is deemed stable. However, no further announcement will be posted.
As reported, Binance.US, the American arm of the Binance crypto exchange announced its support for the upcoming IOTA network mainnet upgrade. In preparation for the upgrade, Binance.US stated it will retire existing deposit addresses for IOTA on May 2, 2025, at 11:00 p.m. EDT. Deposits and withdrawals for IOTA will also be suspended on this date.
IOTA Rebased network upgrade
The upcoming IOTA Rebased network upgrade marks a historic shift for the IOTA network as it migrates from the current Stardust architecture to the all-new IOTA network.
The new network would be birthed through a Genesis Ceremony of 13 validators led by the IOTA Foundation and an initial group of 12 other validators.
Crypto exchanges, including Bitfinex and Bithumb, have announced support for the upcoming upgrade. While trading on exchanges may continue uninterrupted, users should be aware that IOTA token deposits and withdrawals might be temporarily suspended during the upgrade and prepare accordingly.
Vladislav Sopov
Dan Burgin