The cryptocurrency exchange Binance will upgrade its system on April 25 as the leading crypto trading platform informs its users in its latest announcement. This process of upgrading will long for 4 hours, and during this process, major trading services will remain inactive.
Binance will Shut Down for New Update
According to the Binance’s announcement, the system upgrade will start from tomorrow at 02:00 AM (UTC). The latest upgrading will change the network with productive improvements including API endpoint.
They have especially mentioned which trading services will halt during scheduled four hours. The company will suspend operations, including P2P trading, savings, redemption, withdrawals, deposits, P2P trading, margin trading, and spot trading. Moreover, the company will halt the asset transfers from future accounts, sub-accounts, margin accounts, and fiat wallets.
However, Binance also informs that Options trading and Binance futures will remain unaffected during the upgrading duration. The trading exchange will give 30 minute window time to do certain tasks before it comes to its normal state for trading. The users will cancel “orders, process deposits, withdrawals, and use all other account related functions before trading resumes.”
The system upgrade will come with two major updates: “New API endpoint allowing users to delete all open orders on a certain symbol” and “Orders can now be cancelled through the API during a BREAK or HALT status.”
Big Players can Manipulate the BTC Price
During the period of scheduled maintenance, the big whales can intervene and will take benefit from it as a result of rapid price fluctuations. The announcement reads:
“It is recommended that users with open Futures or Margin positions re-assess their collateral balances prior to the start of the upgrade to mitigate against price fluctuations that may occur during the upgrade period.”
It will be easy for the Bitcoin whales to manipulate the price value. For example, Bitcoin lost $2,000 in its value when a leading cryptocurrency exchange Bitfinex went offline for maintenance.