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Binance Completes System Upgrade Ahead of Time, Trading & Withdrawals Begin

Leading global crypto exchange, Binance announced that it had completed its system upgrade ahead of time. It also informed that trading and withdrawals have re-opened.

The new improvements after the upgrade include a new API endpoint that will now allow users to delete all open orders on a certain symbol. Also, the users can now cancel orders through API during BREAK or HALT status. In the official announcement, Binance stated,

“It is recommended that Futures and Margin trading users with open positions re-assess their collateral balances prior to the start of trading to mitigate against any price fluctuations that may occur.”

Binance underwent a 4-hour scheduled maintenance update on Saturday; however, the upgrade was complete ahead of time. During the maintenance, all services like deposits, withdrawals, savings, redemptions, asset transfers from sub-accounts, and spot, margin, & P2P trading, were halted. As the company earlier informed, trading began at 04.30 am on Saturday, and subsequently, withdrawals began just a short while after.

Binance is the world’s largest crypto exchange, and therefore any upgrade on the platform affects a large number of crypto users across the globe. Therefore, there is a theory that downtimes like this are often used by crypto whales to manipulate the prices.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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