Binance and Bithumb are supporting the IOTA rebased upgrade that is scheduled for next week.

The mainnet upgrade for IOTA Rebased is anticipated to take place on May 5, with Binance and Bithumb confirming their backing. IOTA has warned that the existing Firefly wallet will not be compatible post-upgrade, and a new official wallet will be introduced. As reported by CNF, the eagerly awaited mainnet upgrade for the IOTA Rebased Protocol is scheduled for Monday, May 5. Interestingly, several cryptocurrency exchanges have voiced their backing, with the most recent endorsements from Binance and Bithumb. In a statement examined by CNF, Binance noted that the upgrade is set to commence around 7:00 UTC. To guarantee the optimal experience, all token deposits and withdrawals on the IOTA network will be halted at 0.213:00 UTC. After the enhanced network is deemed stable, the previously disabled features will be reactivated. Binance stated that trading of IOTA tokens will remain unaffected by its actions, and the exchange will properly manage all technical requirements for users. Similarly, Bithumb announced that it would halt deposits and withdrawals to correctly assess assets for token swaps. Preparations Before the Upgrade. IOTA states that users do not need to migrate tokens; instead, they can just transfer their current wallets into the new ones. Following the upgrade, users are required to possess their wallet’s private keys and mnemonic phrases in order to access their tokens. Additionally, they must make sure that their “Firefly or Bloom stronghold files are securely exported and available.” It’s worth mentioning that the existing Firefly will no longer be supported following the Rebased upgrade.