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Scheduled Binance Upgrade Going On, Exchange Functionality to Remain Disabled Until it’s Done

The scheduled system upgrade of Binance to override the impact of the recent hack has been going on since morning. Trading, deposits, and withdrawals will remain suspended until it’s done.

May 15, 2019 12:02
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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.

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.

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.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)


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