Binance Announces Scheduled System Update for May 15, Withdrawals and Deposits Suspended

Binance announces scheduled system update this May 15. Withdrawals and suspended deposits.

Through an official statement on the company's blog, Binance announced a scheduled update of its system for May 15, 2019, at 03:00 AM (UTC). The update indicates the release will take around 6-8 hours.

During that period of time withdrawals, deposits and transactions will be suspended has reported the largest exchange for volumes of operations, which suffered a hack last week with the loss of more than 7 thousand Bitcoins, about $ 56 million at the current exchange rate.

The company has also indicated that deposits that are not completed before the start of the update will be processed once this process is completed. As with any normal update process, it will take a period of time for users to see their updated balances reflected in their wallets.

Importantly, Binance indicates that once the update is ready, they will let the public know the culmination of this process and allow users to cancel any open order before resuming operations during a 30-minute window.

Binance highlights that the deposits, withdrawals and other functions related to the account as ‘settings' will be available once the update is completed.

They also reaffirm the transparency that has characterized Binance and demonstrated recently with the case of the 7k BTC hack, in which its CEO ‘CZ' publicly responded by Twitter all the concerns of the community in general in an online transmission.

Finally, Binance indicates that the scheduled time of 6-8 hours may vary, depending on the performance of the work to be performed, which suggests the possibility that it is greater or less than the estimated time.

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