Cryptocurrency exchanges need to keep their infrastructure up-to-date at all times. For Binance, tomorrow marks such an important day. Although the company isn’t changing anything major, the company will temporarily suspend all services. During this eight-hour period, users will need to look for other trading alternatives.
Binance System Upgrade Announcement
On Monday, popular cryptocurrency exchange Binance announced that it will go offline for an eight-hour period beginning at 2:00 am UTC on November 14. A system upgrade will be performed, albeit no details of the upgrade have been made public at this time. As the platform will be offline, no deposits, withdrawals, or trading will be completed.
It is unclear if this Binance upgrade has to do with the upcoming Bitcoin Cash hard fork. The platform will support this fork through a balance snapshot to be taken on November 15th. The potential network split focuses on two different implementations of BCH. As such, a separate client and node will need to be run to support Bitcoin SV alongside Bitcoin ABC.
A regular maintenance takes place quite often, but those are less severe. Most of these maintenance procedures are completed within one hour or less. For the exchange to go offline eight hours is unusual, although seemingly necessary. Being the world’s largest cryptocurrency exchange requires making proactive upgrades to the infrastructure. The last system upgrade took place in June of this year.
Remaining Ahead of the Competition
For exchanges, competition has begun heating up recently. Hundreds of platforms all vie for market traction at this time. Entities such as Binance need to do everything they can to remain ahead of the other provides. How they plan to do that exactly, remains a bit unclear at this time. Its solid reputation alone should, in theory, be sufficient to keep the momentum going.
Upgrades to the internal systems are a vital part of running a cryptocurrency exchange. Some of the major platforms have suffered in this department over the years. It is safe to say that has cost them customers in the long run. Many people flock to Binance because of its stability and the vast offering of different trading markets.
This is also why the company’s Trading Strategy Competition turned out to be a success. During that contest, the exchange distributed 37,000 BNB to the winners. Efforts like those make Binance a “home” for cryptocurrency traders, rather than just another service to use. Engaging with clients is something few crypto companies pursue in this day and age. That situation needs to change prior to Bitcoin entering into the mainstream.
Are you at all concerned about the Binance system upgrade? Do you think it is related to the upcoming Bitcoin Cash fork? Let us know in the comments below.
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