Binance, the world’s largest cryptocurrency by daily trading volume, has revealed its plan in an X post to perform a scheduled account services upgrade on Wednesday, September 25 at 6.30 am (UTC).
According to the post, the upgrade is a major one and will lead to an intermittent interruption of almost all services on the Binance platform.
Binance Schedules Planned Major System Update To Improve Services
According to a recent announcement from Binance, the largest exchange in the world would be carrying out a major upgrade to improve its services this week, Wednesday precisely.
Users have been notified that the scheduled upgrade will intermittently interrupt almost all Binance services as the upgrade is meant to serve them better.
The announcement revealed that the system upgrade is expected to last about three hours.
During the upgrade, users may experience brief interruptions in the platform’s services. However, after the upgrade, users will be able to reaccess Binance services.
The main purpose of the system upgrade is to improve overall system stability and performance.
Binance Services That May Be Interrupted By The Update
As stated in the announcement, almost all services on the Binance platform may be interrupted during the upgrade.
However, services that may be affected more include new account registrations, account logins, VIP account services, P2P operations, futures transactions, margin and spot trading, and other account-related services.
That means users may not be able to log into their accounts or perform trades during the update.
The crypto exchange assured users that their data and digital assets would remain intact and not be affected during the upgrade session. The announcement further stated that transactions made through API will not be affected by the upgrade process.
Precautions To Take During The Upgrade
To avoid losses and minimize risks during the upgrade, Binance has advised all users to review their open orders and positions carefully.
However, the wisest move is to avoid carrying out any activity on the platform until the upgrade is completed, as Binance has declared that it won’t be responsible for any potential losses incurred by any user during the upgrade process.
While the entire upgrade process could span three hours, the crypto exchange emphasized that the upgrade’s estimated duration is subject to change.
Nevertheless, all interrupted services will be reactivated upon upgrade completion.
Finally, Binance warned all users to take necessary precautions during the upgrade, indicating that it will not release any more announcements regarding the upgrade.
Binance Scheduled System Upgrade Comes Ahead Of Changpeng Zhao’s Release From Federal Prison
The scheduled system upgrade is coming ahead of Binance co-founder Changpeng ‘CZ’ Zhao’s release from Federal Correctional Institution Lompoc facility in California on Sunday, September 29.
CZ was sentenced to four months imprisonment in April for money laundering charges and would end his prison term this coming Sunday.
After his release, CZ is expected to return to Dubai, where he will continue focusing on his educational programs.
