PSA: Crypto Giant Binance to Pause Service for 6-8 Hours for Upgrade 14

PSA: Crypto Giant Binance to Pause Service for 6-8 Hours for Upgrade

Binance to be Down on Thursday

PSA: Binance, one of the largest crypto exchanges online, will be performing a system upgrade on Thursday. Per a note posted to the exchange’s blog, Binance’s services (deposits, withdrawals, and trading) will be going offline for six to eight hours starting on August 15th at 2:00 AM (UTC).

This scheduled maintenance upgrade will add a number of major improvements to the firm’s operations: optimization of the Binance matching engine, API, and Websocket; the addition of a new order type, Order Cancels Order (OCO), which is likely to be a large improvement of life for crypto traders; the addition of the availability of 5,000 and 10,000 order book levels through Rest API.

Binance does note that the six to eight hour window is an estimate at best, meaning that the actual results may vary. But, the firm asserted:

As usual, we will maintain regular communication on the progress of the upgrade on our various social media channels.

Funnily enough, in this announcement, Binance advised users with “open Margin positions” to reassess their collateral balances, specifically to ensure that they don’t liquidated during the upgrade period.

In related news, Binance has continued to expand its product roster, adding more projects and services to its already complex exchange. The firm recently added margin support for USDC, Litecoin, and Ethereum Classic. There have also been a few other announcements, including the launch of margin for Canadian traders, an airdrop in collaboration with blockchain upstart Perlin, and more.

Title Image from Marco Verch via Flickr