Binance has announced it will be performing a system upgrade tomorrow, the 13th of November.
The upgrade according to the blog post Binance released will commence at 02:00 AM (UTC) and is expected to last for approximately 4-6 hours.
The top leading cryptocurrency exchange warned that deposits and withdrawals will be suspended. Also to be suspended are crypto to crypto trading, spot and margin trading, lending and redemption as well as assets transfer from sub-accounts, margin accounts, futures accounts and fiat wallets during the time of the system upgrade.
Revealing the improvements in the new system upgrade, Binance mentioned
Live subscription and unsubscription to WebSocket streams
Database performance improvements
User Data Streamer performance improvements
After the upgrade, Binance said it would make further announcement and provide its customers with a 30 minutes window to cancel orders, process deposits, withdrawals and use all other account related functions before trading resumes.
Binance recommends that customers with open Futures or Margin positions re-assess their collateral balances prior to the start of the upgrade to mitigate against price fluctuations that may occur during the upgrade period.
According to Binance, the approximated time of the upgrade is not definitive but based on estimate. And as such, it will maintain as usual, regular communication on the progress of the upgrade on its various social media.
Binance has grown incredibly over the two years it was launched and continues to expand at an unprecedented rate. Even as the US market gets tough for players in the exchange business in the industry, Binance launches its US platform.
It spreads to Africa with the partnership with Flutterwave allowing Nigerians to buy bitcoin in its platform as well as its Binance Uganda platform.
According to Binance, the approximated time of the upgrade is not definitive but based on estimate. And as such, it will maintain as usual, regular communication on the progress of the upgrade on its various social media.
