The team at Binance has notified loyal users of the platform that they will be performing an 8-hour system upgrade on the 14th of November, 20018. The exact time of the upgrade has been noted as being 2 AM (UTC).
According to the announcement, all deposits, withdrawals and trading will be suspended during the system upgrade. The team also went on to advise its users that the 8-hour time-frame is an estimate, but they will be in constant communication during the time period.
Mobile Application Upgrade
The announcement also notified users of a new version of the mobile trading app on Android and iOS. The exchange’s CEO, Changpeng Zhao, also tweeted about it. In the tweet, he notified his followers that the app upgrade now has notifications for its users. This means that all your Binance updates will be available at your fingertips. Such a feature is primarily important during system upgrades such as the one scheduled for tomorrow.
Binance Opens its Doors to Institutional Investors
The news of a system upgrade comes only days after the exchange announced that it was opening its doors to institutional investors. The system upgrade might, therefore, be needed to implement new features and services on the exchange.
The exchange had promised to carry out the following in a bid to welcome its new client base of institutional investors:
- To continue building the technology required to provide the highest level of security, reliability and liquidity on its platform
- Quality selection of tradable tokens and coins
- Services catered specifically for high volume traders such as its tiered trading fee discount program
- Increased support for corporate accounts including customization of API and withdrawal limits
- Creating a new division known as Binance Research
Also to note is that Binance also has many impressive features and services for regular individual traders. The exchange also has an above average customer care record with its individual clients. This can be seen with the early notifications on system upgrades as well as the SAFU program (Secure Asset Fund for Users). SAFU was created to protect the exchange’s users and their funds in extreme times.