TL;DR
- Binance will perform a system upgrade on September 25, lasting around three hours, during which users may experience temporary interruptions in services like account login, trading, and other features.
- The company assures users there is no risk for their funds, recommending they take precautions such as adjusting account positions, while API trading will remain available during the upgrade.
Rest Assured, Data and Assets Will Not be Affected
Binance will conduct a service upgrade on September 25 “to improve the overall system performance and stability.” The effort will take approximately three hours, and users may experience certain setbacks during that time.
“There may be intermittent interruptions to all Binance services during the upgrade, including account login, registration, trading (Spot, Margin, Futures, P2P, etc.), VIP account services, and other account-related features. The interruptions may last a few minutes for each individual user, and users will be able to access Binance products again shortly after,” the exchange explained.
Binance assured that users’ data and assets will remain unaffected by the upgrade. It also said trading services will be available through API during the process.
The company warned users to take measures beforehand in order to avoid potential losses. Some of the tips include evaluating and measuring the account positions and orders (such as reducing leverage).
All services will be restored after the upgrade is completed and Binance will not announce any further information. This means that whatever users come across on the Internet should be taken with a grain of salt.
Previous Such Developments
The world’s biggest crypto exchange performs similar upgrades quite regularly. Earlier this month, it conducted wallet maintenance for BNB Smart Chain (BEP20), temporarily halting deposits and withdrawals on the network to support the process.
Prior to that, Binance suspended some services with TON for several hours due to performing a similar upgrade on The Open Network. The effort happened mere weeks after the firm officially listed Toncoin (TON) on its platform.
In mid-July, deposits and withdrawals for all networks were temporarily unavailable due to another wallet maintenance. Everything came back to normal following the update.
The post Binance Makes an Important Announcement for September 25: Here’s What You Need to Know appeared first on CryptoPotato.
Source: https://cryptopotato.com/binance-makes-an-important-announcement-for-september-25-heres-what-you-need-to-know/