- Binance to undergo a maintenance system upgrade
- The move will pave the way for external figures to manipulate prices
- Binance Futures and trading options will be accessible during the upgrade
Cryptocurrency News Today – it is no secret that volatility has been on the increase due to the coronavirus pandemic. Now, in the wake of this crypto market fluctuations ravaging the digital currency space, Binance exchange has announced a new upgrade for its network.
The biggest digital currency exchange has revealed that it will go through a ‘Scheduled System Upgrade.’ Per the report, the system upgrade will begin on Saturday, April 25, 2020. Market experts agree that this move by Binance will create a window of opportunity for external figures to spot and manipulate prices.
Binance’s Futures and Trading Options Will Remain Operational During the Upgrade
The exchange also added that during the upgrade, the Binance Futures and options trading will still be operational and readily accessible to users. Binance announced that the Scheduled System Upgrade will reportedly be completed over a period of 4 hours. According to the report, during the upgrade, the exchange will halt all basic transactions including savings, withdrawals, Peer 2 Peer trading, margin, spots, transfer of assets, and savings redemption.
Users will also be offered a 30 minutes window. The purpose of this option will be to nullify all pending orders or withdrawals. They won’t be able to handle all account activities, and process deposits until after the upgrade. Once it is completed trading on Binance exchange will return to normal.
Users Will Be Allowed to Delete Open Orders
Because of the incessant, digital currency market fluctuations that have hit the market hard in recent times, Binance’s official announcement adds that all users on its exchange will be allowed an opportunity to delete all orders that are open on certain symbols due to the new API endpoint. Finally, Binance’s scheduled maintenance upgrade will also pave the way for large external players to formulate the market action.
Experts believe that whales will take advantage and move in swiftly which will enable them to impact market prices. The fact that Binance is undergoing a maintenance system upgrade at a time like this may seem laughable than a wise approach for the world’s largest exchange. The chance of manipulation is very high at a time like this.
The official announcement has encouraged all users on the exchange to be more cautious and trade responsibly. Hence, Binance’s futures will not be affected by the scheduled maintenance upgrade because it is seen as a vital move by Binance during a time in which there has been constant volatility (crypto market fluctuation).