It's been a busy night for the team at the largest cryptocurrency exchange in the world, Binance. On June 24th, they announced a scheduled system upgrade would take place on June 26th at 2am (UTC) and should last around 4 hours. Mean while all trading and withdrawals would be disabled.
#Binance has commenced the scheduled system upgrade. The upgrade will take approximately 4 hours.
Withdrawals and trading will be suspended during this period.
We apologize for any inconvenience caused and thank you for your patience. pic.twitter.com/Q7pCfQLkDY— Binance (@binance) June 26, 2018
The upgrade must have not gone as smoothly as planned, CZ and Binance both took to twitter to let their communities know that there was going to be a delay in resuming trading and that all of their coins are safe. Once they got the system back up and running, they would allow all users 30 minutes to cancel any orders, deposits and withdrawals.
Data migration will take a little longer than expected, again. Apologies for the extension.
— CZ (@cz_binance) June 26, 2018
#Binance System Upgrade Extensionhttps://t.co/d9KUWYPP2L
— Binance (@binance) June 26, 2018
About 4 hours later, they announced via twitter and their internal memo that the system upgrade had been completed and they would resume trading shortly.
#Binance System Upgrade Completehttps://t.co/gZfQVHhGwy pic.twitter.com/GpsBpPjDlP
— Binance (@binance) June 26, 2018
But then they alerted users that a fail safe had been tripped with their risk management system while going through a pre-trade check list. They will be pushing off the start of trading until the issue is resolved.
Notice to Postpone Start of Trading and Withdrawalshttps://t.co/LC1yA4pOLf
— Binance (@binance) June 26, 2018
We found the issue, fixing. https://t.co/5QLr3t8yp7
— CZ (@cz_binance) June 26, 2018
Issue fixed. Trading will resume in 30 min.
— CZ (@cz_binance) June 26, 2018
About 2 hours later the team announced that they had the issue fixed and got the all clear to resume trading on the crypto exchange at 20:00 PM (UTC+8) and that withdrawals will open up 1 or 2 hours following.
#Binance to Resume Trading (12:00 UTC)https://t.co/dJoCDmWQco pic.twitter.com/H9o7bB7gb6
— Binance (@binance) June 26, 2018
It appears they may have had a rough time during the maintenance upgrade, but they were quick to update their users on what was happening. This helps to instill a calmer sentiment within the trading community. Binance manages around $1 Billion in trading per day, so you can imagine the check list they have precisely follow in order to open up trading to its users.
