Executive Summary

Binance will suspend NEAR token deposit and withdrawal services on September 23, 2025, in preparation for the Near Protocol's anticipated network upgrade and hard fork. This measure, common practice among major exchanges, is designed to ensure technical compatibility and a seamless user experience during the protocol's scheduled advancements. Trading activities for NEAR tokens on Binance will remain uninterrupted throughout this period.

The Event in Detail

Binance has announced a temporary suspension of NEAR token deposits and withdrawals, commencing at approximately 00:00 UTC on September 23, 2025. This suspension is a precautionary measure to support the upcoming Near Protocol network upgrade and hard fork, which is slated to occur at approximately 01:00 UTC on the same day. The exchange will manage all technical requirements for its users, and services for deposits and withdrawals will be reinstated once the upgraded network is confirmed to be stable. There will be no additional announcements regarding the reopening of these services.

Market Implications

The scheduled upgrade and hard fork for Near Protocol could introduce new features or improvements, potentially enhancing the protocol's functionality, scalability, and appeal to developers and users. A successful and smooth transition could lead to increased adoption, positively influencing the NEAR token's market valuation and the broader ecosystem's growth. However, market observers anticipate potential volatility around the upgrade period, as any unforeseen technical glitches or delays could temporarily impact investor sentiment and lead to short-term price adjustments. The fact that trading will remain active might mitigate extreme fluctuations, but the market will closely monitor the stability of the upgraded network.

Broader Context and Strategic Positioning

The upcoming network upgrade is part of Near Protocol's ongoing development roadmap, which has recently seen significant advancements. On September 16, 2025, NEAR integrated Allora Network's decentralized intelligence layer, enhancing its AI agent capabilities and strengthening its position as an AI-native blockchain. An August 2025 protocol upgrade notably reduced annual inflation from 5% to 2.5%, improved developer tooling, and expanded cross-chain integrations, leading to a substantial increase in weekly active users, reportedly surpassing Solana. Furthermore, July 2025 saw Bitwise launch a NEAR staking Exchange-Traded Product (ETP), offering institutional investors regulated exposure to NEAR's staking yield. These developments collectively indicate a strategic focus on AI infrastructure, scalability, cross-chain interoperability, and attracting institutional capital, aiming to enhance NEAR's long-term market positioning and ecosystem robustness.