On Monday, March 11, Binance exchange posted a Twitter update, saying that on Tuesday it intends to perform a system upgrade, starting at 2 AM (UTC).
All trading operations will be suspended. The team expects the upgrade to take around eight hours.
Details of the upgrade
Binance warns that during the maintenance period, customers will be unable to withdraw funds or top up their accounts. All deposits that began before the upgrade will be processed once it is finished.
Users are expected to give it a while for their new balances to be seen on the accounts after the upgrade is over.
The eight hours the Binance team has mentioned is an approximate time, though, the blog post reads further. In reality, the IT engineers may take more time to fix it.
Regular news regarding the maintenance upgrade will be published on all social media accounts of the company.
Binance is reputed to always keep user funds safe, but...
Funds are safu – this is the meme that became popular after Changpeng Zhao (CZ), the CEO, used it in a tweet in late June last year when announcing a major upgrade of Binance.
Big upgrade. Funds are safu! https://t.co/1DV1sVpI93— CZ Binance (@cz_binance) June 25, 2018
This exchange has never been hacked and has never lost its customers’ money or conducted any scams. However, in the recent token sales of BitTorrent and Fetch.AI, the majority of users failed to buy those tokens due to several big glitches, as CZ referred to it.
Rumours on social media have it that the largest part of BTT was purchased by crypto whales and that when the token sale started, around 28 percent of BTT had already been sold.
Binance Academy here to help you kill time
Binance has decided to do another promotion of its new Binance Academy platform: when answering to a user’s question as to what he should do for whole eight hours, the team suggested spending time on Binance Academy.
Thus, Binance has created a wide ecosystem for its investors and also attracts novices with its educational programs in the crypto sphere.