By
Chimamanda U. Martha
April 19th, 2024
Binance made an official announcement about its scheduled system upgrade at 02:00 AM (UTC) on 2019/08/15. All services will be suspended during this entire process that may take up to 8 hours.
In an official announcement on August 14, 2019, the Binance Team informed its community about a forthcoming system upgrade. It is not the first time that Binance is upgrading its products. For example, we have already reported earlier that it completed its mainnet ‘Galileo’ upgrade. On that occasion, the company upgraded both its CEX and DEX platforms.
Now, the crypto exchange company has once again announced a scheduled system upgrade. The upgrade will be initiated at 02:00 AM (UTC) on 2019/08/15 and it may take around 6-8 hours to complete it. However, the time taken may vary since it is only based on estimates.
Key Improvements
The upgrade will reportedly target three key areas of the platform. It will enhance the API, Matching Engine, and Websocket performance optimizations. Thus, the platform will have enhanced operability standards once the upgrade completes satisfactorily.
The upgrade will bring a new order type dubbed OCO (Order Cancels Order). It will become available through the API. Additionally, the 5,000 and 10,000 order book levels will also be introduced from the Rest API (GET api/v1/depth). Binance has also provided the extensive API changelog breakdown for this system update for its community to review.
Upgrade Process
During the upgrade process, Binance announced that it will suspend withdrawals, deposits, and trading the entire time. Any deposits that will not have been completed before this upgrade starts will be put on hold. They will then resume after the upgrade is over. Users should allow some time for the interrupted deposits to reflect in their account once the system finishes the upgrading process.
Binance will make a further announcement after the scheduled upgrade completes. Moreover, it will provide users with a 30-minute grace period to process their deposits, to cancel orders and make withdrawals. Users will also have the capability to use all other account-related functions during this grace period before trading services resume.
All the users with open Margin positions should ensure that they re-assess their collateral balances before the upgrade starts. The re-assessment will enable them to shield themselves against price fluctuations that may happen in the course of the upgrade.
The Binance team promises to maintain regular communication and updates on the progress of this upgrade on their social media channels.