Binance to Shut Down Withdrawals for Terra (LUNA) on This Date: Reason

Major crypto exchange Binance will suspend deposits and withdrawals of tokens on the Terra (LUNA) network on Dec. 8, 2025.

Binance will be taking this measure in order to support Terra (LUNA)'s network upgrade, which will take place at block height 18,660,000, or on Dec. 8 at 1:05 p.m. (UTC). This would also ensure the best user experience, Binance added.

The trading of tokens on the Terra (LUNA) network will not be affected, as users will still be able to trade. Deposits and withdrawals will be reopened once the upgraded network is deemed to be stable, however, this might not necessitate a further announcement.

The Terra Chain will be upgrading to v2.18 on Dec. 8, 2025. This chain upgrade contains important upgrades for blockchain stability and security. The upgrade also burns ASTRO tokens to restore proper IBC balances, an issue from the IBC Exploit.

What's happening?

Terra (LUNA) rose 23.15% in the last 24 hours to $0.08724, an outlier against the backdrop of the broader crypto market, which saw most cryptocurrencies trade in red and $298 million in liquidations.

The Terra token has been on the sidelines since its historic crash in 2022, which wiped out billions of dollars in value.

Terra Classic ($LUNC) also mirrored this rise, up 50.11% in the last 24 hours to $0.00004183, with its 24 hour trading volume rising 948% to $117.24 million. Terra ClassicUSD (USTC) rose 23% weekly, with its 24-hour trading volume skyrocketing 1,254% to $19.29 million.

The Terra ecosystem launched the Terra 2.0 blockchain in May 2022, following the collapse of the original Terra network. The original LUNA coin was tied to the algorithmic stablecoin TerraUSD (UST), whose loss of its U.S. dollar peg in May 2022 led to a collapse in value across both tokens.

The new token created by a hard fork afterwards was named Terra (LUNA), while the original chain was renamed Terra Classic ($LUNC) and the TerraUSD (UST) stablecoin renamed Terra ClassicUSD (USTC).