Binance Cryptocurrency Exchange Announces 8 Hour System Upgrade Notice for March 12
Binance, the most popular digital currency exchange in the market and the largest in terms of trading volume, informed that it will be performing a scheduled system upgrade.
The date for this upgrade is March 12 and it will start at 2:00 AM (UTC). The upgrade is expected to take approximately 8 hours.
Binance Announces New System Upgrade
Binance announced the new system upgrade a few hours ago on its blog. There are some important things that users should take into account before this network upgrade. As the firm informs, the exchange will be suspending deposits, withdrawals, and also trading activities during this period.
Users that deposited funds on their accounts and it was not processed will receive their funds once the upgrade is complete. The exchange also advised giving some time for deposits to be reflected in the account following this upgrade.
The exchange wrote that the 8 hours could change and it could take longer or a shorter period of time. About it, Binance wrote:
“The 8 hours is based on our best estimates and may vary. As usual, we will maintain regular communication on the progress of the upgrade on our various social media channels.”
The firm will be providing all the necessary information through their other social media accounts throughout the whole system upgrade process.
Binance is the largest digital currency exchange in terms of trading volume. In the last 24 hours, the exchange handled $869 million in volume.
Most of the exchanges tend to perform system upgrades every some month. This allows the platforms to be updated and include the latest technologies that are released to the market. Furthermore, the security improves as well, solving some bugs and adding new features.
— CZ Binance (@cz_binance) March 11, 2019
The market tends to behave neutrally during exchange system upgrades. Nevertheless, when BitMEX was offline for a few hours, investors used this opportunity to obtain larger profits and the price of Bitcoin ended up growing.
Indeed, the price of Bitcoin surged on August 22, 4 percent due to the fact that traders couldn’t short the dominant virtual currency.