Binance Crypto Exchange Announces Spot and Margin Trading System Update Scheduled for August 6

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by Alisa Davidson

Published: August 01, 2024 at 11:35 am Updated: August 01, 2024 at 11:35 am

by Anastasiia O

Edited and fact-checked:
August 01, 2024 at 11:35 am

In Brief

Crypto exchange Binance plans to conduct a scheduled system upgrade, set to begin at 07:00 UTC on August 6th and expected to last 10 minutes.

Crypto Exchange Binance To Conduct Spot And Margin Trading System Upgrade On August 6

Cryptocurrency exchange Binance announced plans to conduct a scheduled system upgrade, set to begin at 07:00 UTC on August 6th and expected to last around 10 minutes, though the duration may vary. The upgrade aims to improve data system performance and stability.

During the downtime, individuals leveraging the mobile application, website, and desktop platforms may be unable to access trade history for orders placed. However, API users will continue to receive trade history data for the orders.

Notably, throughout the upgrade period, traders will still be able to access Binance Spot and Margin. Additionally, there will remain a possibility to verify whether their orders have been filled by monitoring alterations in the asset balances within the Spot and Margin Wallets.

In regards to the upgrade’s procedures, the exchange plans to provide updates via its social media channels. However, there will be no additional updates after the process is finalized.

Binance: A Prominent Crypto Exchange

It represents one of the major cryptocurrency exchanges known for facilitating transactions with more than 350 cryptocurrencies and digital tokens. The platform is recognized for its competitive transaction fees and strong liquidity options, serving a broad user base. Its ecosystem encompasses Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT, as well as additional services. According to CoinMarketCap, its trading volume exceeded $15.6 billion in the past 24 hours.

In June, the company obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) for its local entity, Binance FZE. This development includes transitioning user accounts from Binance’s global exchange to Binance FZE, which operates under VARA’s regulations specifically for residents of the UAE.

Recently, it has integrated Gravity (G) into its Simple Earn, “Buy Crypto,” Binance Convert, Binance Margin, and Binance Auto-Invest services, providing users with more opportunities to engage with the G token across different Binance platforms.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson

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