Binance will temporarily suspend deposits and withdrawals of Celo Tokens (CELO) from 22:00 on July 9, 2025 (ET) to carry out the network upgrade and hard fork.
The network upgrade and hard fork is scheduled to take place at 23:00 on the same day to improve the performance and features of Celo, ensuring stable and safe operations for users.
MAIN CONTENT
Binance suspends CELO deposit and withdrawal services from 22:00 on July 9, 2025.
Celo hard fork is expected at 23:00 on July 9, 2025, to upgrade the network.
The upgrade optimizes performance, security, and user experience.
When and why will Binance suspend CELO trading?
According to the official announcement from Binance, the service for depositing and withdrawing Celo Tokens will be suspended from 22:00 on July 9, 2025 (ET) to support the upgrade process of the Celo network.
This action helps avoid interruptions in transaction data when the network undergoes significant improvements, while also protecting users' assets from potential risks. Whales and major investors often closely monitor upgrade events to ensure asset safety and optimize trading opportunities.
What does hard fork at Celo mean and when does it occur?
The hard fork is scheduled to take place at 23:00 on July 9, 2025 (ET) to activate core upgrades on the Celo network, improving scalability, security, and Smart Contract features.
Blockchain expert, Mr. David Meyer, Chief Technology Officer of a famous DeFi project, shares:
Hard fork is an essential step to enhance the operational capabilities of the network, ensure sustainable development, and increase compatibility with Layer 2 systems and new DApps.
David Meyer, CTO of a leading DeFi project, 2025
What benefits does the Celo network upgrade bring to users?
The upgrades and hard forks will help optimize transaction speed, reduce gas costs, and enhance the security of cold and hot wallets on the Celo platform.
In the past, major network upgrades have often facilitated many DeFi and NFT projects on Celo to break through, attracting users and investment capital. A 2024 report shows that after each hard fork, the liquidity increase in Celo's Liquidity Pool fluctuates over 35% within the next 3 months.
How should users prepare before Celo upgrades and hard forks?
Users should avoid making CELO deposit and withdrawal transactions 12 hours before and after the scheduled upgrade to mitigate the risk of loss or transaction errors.
It is advisable to back up Private Key and Public Key, while also updating wallets or related applications to be compatible with the new version. This is recommended by many security experts to minimize technical errors and protect assets.
Thorough preparation before each hard fork not only protects assets but also helps users make the most of the new features on the network.
Helen Tran, Blockchain Security Expert, 2024
Do other exchanges get affected by the Celo upgrade?
Transaction disruptions due to hard forks typically affect all platforms supporting CELO synchronously, especially large centralized exchanges and popular DEXs.
This requires exchanges to timely accept and support the update of the new network version so that users do not experience service interruptions. Experience from previous upgrades shows that exchanges that support quickly will retain investors more effectively.
Comparison table of downtime for deposits, withdrawals, and upgrade timing of some major networks
Network Downtime for Deposits, Withdrawals Upgrade/Hard Fork Timing Main Upgrade Goals Celo (CELO) 22:00 on July 9, 2025 (ET) 23:00 on July 9, 2025 (ET) Optimize scalability, security Ethereum (ETH) 24 hours notice before each event Varies by protocol update Reduce gas fees, increase speed Bitcoin (BTC) 48 hours notice Usually on weekends to minimize risks Improve security, expand the network
Frequently Asked Questions
1. Why do exchanges need to temporarily suspend deposits and withdrawals during upgrades? To avoid transaction errors and token loss due to changes in data structure during the upgrade, ensuring asset safety for users. 2. Can a hard fork cause token loss? When users follow the guidelines and do not trade during the upgrade, the likelihood of token loss is almost nonexistent. 3. Does the network upgrade affect the price of CELO? Generally, upgrades help increase long-term appeal, but may cause short-term volatility due to market sentiment. 4. How can I know if my wallet is compatible with the new version? Information updates from wallets and official platforms will notify of changes in advance, so it's important to regularly check these information channels. 5. Are other exchanges affected when Celo hard forks? Yes, all exchanges that support CELO must synchronize the upgrade to continue providing stable services.
Source: https://tintucbitcoin.com/celo-celo-ho-tro-nang-cap-hard-fork/
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