Over the last seven days, Binance has been in the limelight after questions were raised against the exchange’s “credibility” following the Bitcoin [BTC] hack. Since the 7000 BTC hack, Binance has acted quickly and at press time, Binance had released their third security update over the past week.
It was announced that the exchange would be running a scheduled upgrade which would commence on 15th May, 2019 at 3:00 am [UTC]. The upgrade would likely run for a duration of 6-8 hours.
It was also mentioned that the exchange would suspend deposits, withdrawals, and trading during the system upgrade period. The blog stated,
“Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.”
Moreover, it was mentioned that after the upgrade, users will be provided with a 30 minute window to cancel orders, process deposits, and withdrawals and use all other account services before trading resumes on the exchange.
Binance has been relatively very active over the past few days to recover from the BTC theft. Following the hack, due to irregular trading, Binance restricted all existing API keys to have trade functionality back in order.
The post Binance to face 6-8 hour downtime during impending system upgrade appeared first on AMBCrypto.