Binance, the world’s largest cryptocurrency exchange, has issued a critical notice to users of the platform to prevent panic. Binance says it has scheduled a crucial update that will take approximately three hours to complete.
According to a report, the Binance upgrade has been fixed by September 25 at 06:30 UTC. The upgrade ensures system stability and improves the overall performance of the exchange.
Which services will face disruptions?
During the approximately three-hour update period, users may experience some service disruptions. In particular, users may need to temporarily access their accounts during the update. Other likely disruptions include issues with account login and new user registration.
Additionally, trading (spot, futures, margin, peer-to-peer, etc.), VIP account services, and other account-related functions may experience issues. Binance has clarified that the outages will only last a few minutes for each user. However, any user who experiences such an issue can try accessing the products again after a short period.
Protecting users amid security concerns
However, the cryptocurrency exchange has assured community members that all their assets are safe and there is no need to think that the service disruption is an attack by bad actors.
Cybersecurity experts say the alert to Binance community members is timely given the increased activity of malicious actors targeting investors’ assets in recent times. However, they warned users to be cautious during the upgrade as hackers could exploit it to provide phishing links as an “alternative login option.”
Recently, malicious actors attacked Indian cryptocurrency exchange WazirX, resulting in a loss of over $230 million, and users are still waiting for compensation. Interestingly, Binance asked WazirX to take responsibility for compensation after the Indian exchange published a misleading statement about its relationship with the global exchange giant.
Market impact and return of Changpeng Zhao
Market observers anticipate major disruptions in the broader crypto space on Wednesday, September 25, during the upgrade. This speculation is based on the market share that Binance controls. Given the size of the exchange, it could disrupt smooth transactions in the broader crypto market.
Meanwhile, the cryptocurrency community has started counting down to September 29, the expected release date of former Binance CEO and founder Changpeng Zhao. Zhao will be free when his 4-month prison sentence ends.
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