Major crypto exchange Binance plans to undertake a
scheduled system upgrade tomorrow that will prevent deposits,
withdrawals, and trading for roughly six to eight hours, according to an
official announcement published on May 14.
According to today’s post, the system upgrade will start tomorrow May 15
at 03:00 AM (UTC), during which time deposits, withdrawals and trading
services will not be operating.
In a tweet accompanying the post, CZ noted that “During trading halt, we
will update no less than every 2 hours, as per usual.” The post also
states that:
“Once the upgrade is complete, we will make a further announcement
and provide users with a 30 minute window to cancel orders, process
deposits, withdrawals, and use all other account related functions
before trading resumes.”
As previously reported, CZ and the Binance team have largely kept
details of their post-hack actions light, warning that hackers are
potentially closely following their public communications and that
excessive disclosure could compromise the exchange’s security response
strategy.
While the public has broadly continued to react positively to Binance
and CZ’s response to the major incident, the post-hack days were briefly
clouded by a controversy over CZ’s public revelation that he had
considered — and rejected — the idea of responding to the theft with an
attempted and contentious Bitcoin “blockchain re-org approach.”
To press time, Binance is ranked the second largest exchange globally,
seeing a close to 60% uptick in daily trade volumes over the past 24
hours.
