- Scheduled upgrade to take at least eight hours on March 12, 2019
- Users will not be able to withdraw, deposit or trade cryptocurrencies for a brief period of time
- Binance Coin (BNB) displaying bullish tendencies
Binance Exchange does regular system upgrades to ensure their systems remain at an optimal level. The Company’s CEO has announced to users an upcoming platform upgrade on Tuesday, March 12, 2019.
The March 11, 2019 announcement via Binance’s twitter handle and the company’s official website says the planned upgrade will take place March 12, 2019 beginning 2:00 am UTC is supposed to take at least 8 hours. According to the announcement, users will not be able to make deposits, withdrawals or trade their tokens.
#Binance System Upgrade Noticehttps://t.co/3IFDqDzTVm pic.twitter.com/u2TBaYeVh7
— Binance (@binance) March 11, 2019
Eight Hours Is an Estimate
Binance stated that the eight hour period is an estimate and consumers have been advised to keep checking for regular announcements so they can stay informed on the progress or any other changes that could be announced during the period. In the past, users have had to download the latest App on their smartphones to receive push notifications. The Company’s announcement stated:
“Please note: 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 proposed upgrade happens following a recent announcement by Binance CEO Changpeng Zhao (CZ) on Twitter hinting at the creation of a fiat-to-crypto exchange in Argentina. CZ was responding to a recent news article that was questioning Binance Labs’ agreement with the government of Argentina to co-invest in the exchange’s blockchain-based projects. The tweet stated:
Guess where we will have a new fiat-to-crypto exchange?? https://t.co/li8NAUBMUw
— CZ Binance (@cz_binance) March 9, 2019
Things Working Well for Binance
As Blockchain Reporter reported recently, the world’s leading cryptocurrency exchange by trade volumes recently unveiled a Testnet version of the eagerly awaited Decentralized trading platform (DEX) built on its blockchain network.
According to the announcement, the new exchange is meant to complement that central Binance exchange that processes over $1 billion in daily trading volumes. The February 20, 2019, press release by Binance explained that the new decentralized exchange, dubbed Binance DEX is powered by the Binance Chain, the company’s new blockchain and peer-to-peer distributed network.
The plans to open a fiat-to-crypto exchange in Argentina plus the unveiling of the Testnet version of Binance’s decentralized exchange are an indication that things are working well for the cryptocurrency exchange.
The company’s native crypto, the Binance Coin (BNB) is currently among the top gaining digital currencies. The coin is showing bullish tendencies when others are struggling with the bearish market, especially since November 2018 when the price of Bitcoin has slid from $6,000 and is now struggling to reach the $4,000 mark.
