Binance is set to perform a system upgrade on October 8, resulting in a halt of deposit and withdrawal functionalities.
In Brief
To enhance its system's efficiency and reliability, Binance will conduct a brief, 15-minute upgrade beginning at 06:00 UTC on October 8.
Cryptocurrency exchange Binance The platform has announced its intention to execute a system upgrade at 06:00 UTC on October 8th. This initiative aims to boost the overall performance and stability of the system, anticipated to last roughly fifteen minutes. Five minutes before the upgrade kicks off, the exchange will pause all deposit and withdrawal services.
During the upgrade period, users will still have the ability to place new Spot, Futures, and Options orders, cancel ongoing orders, and access Binance products without interruption.
Nevertheless, a few services will not be available temporarily, including the ability to deposit or withdraw cryptocurrencies, use the Binance Bridge in the Web3 Wallet, initiate new positions in Spot Copy Trading, and access specific functions related to Spot and Futures Trading Bots. Account transfers across sub-accounts, margin accounts, futures accounts, options accounts, pool accounts, and fiat wallets will also be put on hold, alongside trading, borrowing, and repayment options on various margin accounts.
Furthermore, ongoing liquidations on Binance Margin may see some delays and will resume once the upgrade concludes. During this time, Spot referral rebates and Liquidity Provider rebates will not be credited to accounts, but users will see any earned rebates added back once the process is complete.
Multiple services will be affected as well, including Pay transactions, loan offerings, subscription and redemption for Earn products, fiat-to-crypto transactions, fiat deposits and withdrawals, card-based crypto purchases, converting low-value assets into BNB, Auto-Invest, Convert, and OTC Portal transactions, as well as peer-to-peer (P2P) trading.
Binance has introduced risk warnings for tokens that have experienced significant changes in their tokenomics.
Binance As one of the foremost cryptocurrency exchanges, Binance facilitates transactions for over 350 distinct cryptocurrencies and digital tokens, known for its competitive fees and ample liquidity, catering to a diverse user community worldwide.
Recently, the platform has implemented To promote transparency, Binance has implemented a risk warning banner and a pop-up notification for tokens that have seen significant changes in their tokenomics or supply structure, ensuring users are well-informed about any potential risks tied to these assets.
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