The cryptocurrency exchange, Binance announced that it will suspend its services for a while to undergo an eight-hour system upgrade on November 14, 2018.
Binance is a well known virtual currency exchange founded by Changpeng Zhao in 2017. The company eventually moved its headquarters from Chinato Japan to overcome the cryptocurrency ban imposed by the government of China in September last year. By March 2018, the company had set up offices in Taiwan too. The cryptocurrency exchange was a result of a successful ICO back in 2017. It led to the formation of around 200 million BNB. From then, Binance has evolved to become one of the most successful ICO projects.
According to the tweet, Binance will carry out the system upgrade on November 14, 2018, at 2:00 Am (UTC). The system upgrade will take approximately eight hours. The Binance team also noted that it will halt withdrawals, trading, and deposits throughout this period. The eight hours is based on the company’s estimates and it may vary as well.
They ensured the customers that the company will maintain a regular communication on the progress of the maintenance via their social media platforms. The team further thanked the customers for their support.
A Mobile Application Upgrade
Along with the announcement the customers were also notified about a new version of the mobile trading app on iOS and Android. Changpeng Zhao, the Binance CEO also tweeted about the mobile upgrade.
As per the tweet, he notified the customers to download the latest version of the Binance App to be updated on all the Binance upgrades and to be notified on the upcoming upgrades.
The news of the upgrade came days post the exchange declared that it is opening its doors for institutional investors. However, it is believed that the system upgrade is a strategy to implement new services and features on the exchange platform.