Binance To Upgrade Its System On October 8, Pausing Deposit And Withdrawal Services
In Brief
Binance plans to conduct a 15-minute system upgrade at 06:00 UTC on October 8 to improve performance and stability.
Cryptocurrency exchange Binance announced plans to carry out a system upgrade at 06:00 UTC on October 8th. The purpose of this upgrade is to improve overall system performance and stability. The process is anticipated to take around fifteen minutes. However, five minutes before the upgrade begins, the exchange will temporarily suspend deposit and withdrawal services.
Over the course of the upgrade, users will still be able to place new orders for Spot, Futures, and Options, cancel existing orders, and access Binance products as usual.
However, some features will be temporarily unavailable, encompassing cryptocurrency deposits and withdrawals, the Binance Bridge feature in the Web3 Wallet, opening new positions on Spot Copy Trading, as well as certain functionalities related to Spot and Futures Trading Bots. Additionally, account transfers between sub-accounts, Margin Accounts, Futures Accounts, Options Accounts, Pool Accounts, and Fiat Wallets will be paused, as well as trading, borrowing, and repayment options on Cross Margin, Isolated Margin, and Portfolio Margin accounts.
Furthermore, ongoing liquidations on Binance Margin may be temporarily interrupted and will resume once the upgrade is finalized. Additionally, Spot referral rebates and Liquidity Provider rebates will not be credited to users’ accounts during the upgrade. Any rebates accumulated in this time period will be credited once the upgrade is finished.
Several services also will be impacted, such as Pay transactions, loan services, subscription and redemption of Earn products, buying and selling cryptocurrencies with fiat, fiat deposits and withdrawals, cryptocurrency purchases using cards, converting low-value assets to BNB, Auto-Invest, Convert and OTC Portal trading, and peer-to-peer (P2P) trading.
Binance Implements Risk Warnings For Tokens With Changes In Tokenomics
Binance, a leading cryptocurrency exchange, supports transactions for over 350 cryptocurrencies and digital tokens. It is recognized for offering competitive transaction fees and attractive liquidity options, catering to a diverse global user base.
Recently, the platform has implemented a risk warning banner, along with a pop-up notification, for tokens that have undergone considerable changes in tokenomics or supply. This measure aims to enhance transparency and ensure that users are well-informed and aware of any potential risks associated with these tokens.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
