In an announcement not more than 4 hours old, the popular Cryptocurrency exchange known as Binance, has notified its users its intentions of carrying out a system upgrade in 2 days. The scheduled upgrade will be carried out on the 26th of June and will take 4 hours beginning 2 AM, UTC time.
The announcement was as follows:
Fellow Binancians,
Binance will perform a scheduled system upgrade shortly after 2018/06/26 2:00 AM (UTC). The upgrade will take approximately 4 hours. Binance will suspend withdrawals and trading during this period. We apologize for any inconvenience caused, and thank you for your patience.
Thank you for your support.
Binance Team
2018/06/24
Crypto traders are requested to be patient with the exchange during the system upgrade.
The exchange is ranked second in terms of daily trading volume and at the moment of writing this. Binance is currently handling $1,022 Billion in daily trade volume according to coinmarketcap.com. Also to note, is that only a few months ago, the same exchange was handling in excess of $2 Billion in daily trade volume. This observable decline in daily trade volume corresponds to the ongoing general crypto market decline that has been further accelerated by a loss of total market capitalization of close to $20 Billion this Sunday morning.
Binance has been the preferred exchange for not only crypto-traders, but also crypto projects such as ICON (ICX), EOS (EOS), VeChain (VEN) and Tron (TRX). With respect to the first two projects of EOS and ICON, Binance has flawlessly facilitated token migration from the ERC20 platforms to each of the MainNet blockchains. The exchange is currently handling the ongoing TRX token swap that ends later on today with the Tron Independence Day. Binance will also support the VeChain (VEN) token migration that is to occur at an undisclosed date in July.
The exchange has come a long way from its ICO days only a year ago to date. Binance has evolved to being the most preferred and trusted platform for a lot of traders across the globe. With the new upgrade, the exchange is surely to implement stronger cyber security measures as well as other upgrades that will enable the exchange to continue being the preferred choice of many traders.
