One of world’s largest global cryptocurrency exchange in terms of trading volume, Binance will perform a scheduled system upgrade starting at 2019/03/12 2:00 AM (UTC). The upgrade will take approximately 8 hours.
The exchange announced through their support portal and their official twitter handle today. Also CEO of Binance Changpeng Zhao widely known as CZ tweeted on his twitter handle about the big Binance upgrade.
The global cryptocurrency exchange which provides a platform for trading more than 100 cryptocurrencies will suspend deposits, withdrawals, and trading during this period. The exchange has warned that the deposits that are not completed before the beginning of upgrade will be taken care of after the upgrade is finished.
The notice reads, “Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.”
The exchange has estimated that the upgrade will be completed within 8 hours which may vary according to the amount of work taken for upgradation. They will let the fellow Binancians updated regarding the progress and updates through their official Twitter handles and other social media platforms.
“We apologize for any inconvenience caused, and thank you for your patience. The 8 hours is based on our best estimates and may vary. As usual, we will maintain regular communication on the progress of the upgrade on our various social media channels,” the Binance Team added.
CEO and founder of Binance tweeted, “Big upgrade. Funds are #SAFU.”
A twitterati from the crypto space replied to CZ’s tweet,
Another twitter user replied,
“Hopefully we can deposit and withdraw in fiat currencies”
Most of the Binancians are feeling positive about the system upgrade and believing that the new upgraded system will enable fiat currency deposits and withdrawal.
Recently, CEO of Binance, Changpeng Zhao, has hinted at the development of a new fiat-to-crypto exchange in Argentina in a tweet sent on March 9.