After much hustle and bustle surrounding the Binance system upgrade which led to the delay in the resumption of trading and withdrawals, Binance has finally come up with a time to resume trading.
“Binance has completed its system upgrade and we will resume all trading activity at 2:45 PM (UTC). From now until the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account related functions. Thanks for your support!”
Yesterday, Binance had warned its users about the system upgrade, as the exchange announced:
“#Binance has commenced the scheduled system upgrade. The upgrade will take approximately 4 hours. Withdrawals and trading will be suspended during this period. We apologize for any inconvenience caused and thank you for your patience.”
CZ the co-founder of Binance had tweeted:
“1 month in crypto is like a year in traditional industries. During a system upgrade, every second is like a year. Sorry that it took way longer than the test run, with the same data…”
After constant updates about Binance resuming trading, the team kept facing some technical glitch and the trading platform was still under development. However, after a long 6-8 hours, Binance announced that the panel is up and is working but post this, there was no update from the team.
In January, trading exchanges Kraken also encountered an accidental delay during their system upgrade which resulted in the system being down for more than 48 hours before reopening the trading activity.
Cryptonaut, a crypto investor and a Twitter user commented:
“??? Stil not working, it’s getting annoying !!!”
Maik Peschutter, a Twitter user commented:
“Still down 🙁 500 Sorry, this page could not be displayed”
omegshi147, another Twitter user commented:
“wtf now you just crashed the market, thanks binance”
Cryptodarwinism, a trader and a Twitter user commented:
“You should give more advanced notice. This spontaneous upgrade cost me hundreds of dollars, and it could have been much worse.”
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Binance Coin [BNB] rises as Binance unveils new look for its margin trading service
Binance, one of the largest cryptocurrency exchanges in the world, continued to make progress in the market despite falling victim to a security breach a few days ago. Changpeng Zhao, the co-founder and CEO of Binance, revealed that the exchange’s order volumes were much higher than the volume during Bitcoin’s peak at the end of 2017 and beginning of 2018.
With all the positive news surrounding the platform, the exchange unveiled a new interface, with margin trading being the highlight. The exchange announced on Twitter,
— Binance (@binance) May 24, 2019
To this, ICO Drops stated on Twitter,
— ICO Drops (@ICODrops) May 24, 2019
Rumors of Binance providing margin trading service had been circulating in the space months prior to any official confirmation. Earlier this month, a Redditor, Lifofifo pointed out that the exchange platform had enabled margin trading flag on its API for top cryptocurrencies.
Post this, CZ confirmed that the exchange would be rolling out margin trading service and that they were working on a marketing system that would be launched “very very soon”. Based on a previous report, the exchange would roll out this service for Bitcoin, Binance Coin, Ethereum, Tron, and XRP, paired with Bitcoin and Tether.
Margin Trading enables users to trade cryptocurrency with borrowed money/ leverage. The notice on Binance’s interface stated,
“Margin trading confers a higher profit potential than traditional trading, but also greater risks. Please be aware that in the event of extreme market volatility, there is even a risk that your assets may be liquidated.”
Meanwhile, the platform’s token, Binance Coin [BNB] surpassed its all-time high record again. According to CoinMarketCap, at press time, Binance Coin was trading at $33.46, with a market cap of $4.724 billion. The trading volume of the cryptocurrency was reported to be around $582 million and the coin witnessed a significant rise of 34.65 percent over the past seven days.
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