Crypto exchange Binance has announced a temporary suspension of LUNA deposits and withdrawals to facilitate a crucial network upgrade on the Terra blockchain. This measure is expected to ensure the safety of user funds during the transition. For users, this will impact transfers but not trading. Here’s what you need to know: Binance will suspend LUNA deposits and withdrawals at 12:05 p.m. UTC on December 8th. This pause allows the exchange to dedicate resources to a smooth upgrade process without disrupting market activity. The move is standard operational procedure, not an indication of alarm. While trading for LUNA continues uninterrupted during this time, users should ensure their pending transactions are completed before the deadline. Binance will provide updates on when services resume. The network upgrade aims to enhance security, improve transaction speed and reduce costs, and introduce new features to the Terra ecosystem. This move is crucial for the long-term health and scalability of the LUNA network, benefiting all token holders.