As you may know already, a system upgrade at Binance was scheduled today to override the impact of a recent hack. The upgrade has begun in morning since 8:30 AM, and it will take around 6-8 hrs in order to complete. An announcement in this regard came from official Twitter handle of Binance, and according to the announcement every function of the exchange – including trading – will remain suspended until this upgrade has concluded. Deposits and withdrawals had also been suspended after the announcement of the attack, but trading had not been suspended. In fact, even deposits and withdrawals had been resumed after some time. But today everything will be halted once again.
The system upgrade has now begun & trading has been suspended.
The upgrade will take approximately 6-8 hours.
— Binance (@binance) May 15, 2019
It’s also worth noting that the period of 6-8 hrs suggested by Binance is only based on estimates. This duration can also be more or less depending on how smoothly things go. The company has promised to provide updates continuously through its social media channels, and we’re keeping an eye on them. According to the latest update provided by Changpeng Zhao at 10:30 AM things are moving on-track.
2 HR update: upgrade is on track so far. https://t.co/0ZJjx1SLjy
— CZ Binance (@cz_binance) May 15, 2019
Once this upgrade is complete there will also be a 30 minutes window to cancel orders, process withdrawals/deposits and perform the other pending account related functions requested by the users. Only after this window the full functionality of exchange will be restored. Since upgrade started around 8:30 AM, expect everything to start running smoothly after 3 PM – 5 PM IST. So if your deposits/withdrawals didn’t get processed till the beginning of this upgrade (i.e. till today morning), don’t worry and expect them to be processed by evening.
We’ll keep an eye on this upgrade and will let you know more about it after it’s done.