Binance has announced plans to temporarily halt services on its trading platform on September 25. The transient termination of the exchange’s operation will happen alongside a system upgrade that will span roughly three hours.
Relaying the news on its official website, Binance wrote:
“Binance will perform a scheduled upgrade of account services at 2024-09-25 06:30 (UTC) to improve the overall system performance and stability. The upgrade will take approximately 3 hours.”
Binance will be performing a scheduled account services upgrade on 25 Sep 6.30am (UTC) and there may be intermittent interruptions to all services during the upgrade.
— Binance (@binance) September 23, 2024
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Upgrade Might Affect The Following Services
According to Binance, the upgrade might temporarily interrupt all services on the exchange. Affected operations include basic routines like account login, registration trading, VIP account services, etc.
“The interruptions may last a few minutes for each user, and users will access Binance products again shortly after,” Binance added.
Binance Highlights Important Precautionary Steps For Users
Despite assuring users that their data, assets, and trading conducted via API will remain unaffected, chances still abound that the upgrade might not go to plan. Consequently, it could result in losses ranging from risks from forced liquidations and losses from market fluctuations.
By recognizing the possibilities above, the trading platform took its time to carve out some tips that could come in handy for users to escape unfortunate situations. Per Binance, traders should assess and manage their orders and account positions before the upgrade. In an explicit term, Binance advised users to reduce leverage, including margins, close positions or orders, etc.
While the steps above posed as preventive measures from any eventuality leading to losses, Binance warned that traders remain solely responsible for their actions. Therefore, Binance will not bear the brunt of users’ carelessness, which could result in losing funds because they want to replicate the guidelines above. It is left to see how the proposed upgrade will affect Binance operations and its overall users’ experience.
