The world’s largest cryptocurrency exchange, Binance, has issued a critical notice to users on the platform to prevent panic. Binance says it has scheduled a crucial upgrade that will take about three hours to complete.
According to a report, the Binance upgrade has been fixed for September 25, 06:30 UTC. The upgrade ensures system stability and improves the exchange’s overall performance.
What Services Will Face Disruptions?
During the approximately three-hour upgrade period, users may experience some service disruptions. Notably, users may temporarily need access to their accounts during the upgrade. Other likely interruptions include issues with account login and new registration.
Additionally, trading (Spot, Futures, Margin, Peer-2-Peer, etc.), VIP account services, and other account-related features may have challenges. Binance has clarified that interruptions will only last a few minutes for each user. However, any user who experiences such a problem can attempt to access products again after such a brief spell.
Safeguarding Users Amidst Security Concerns
However, the crypto exchange has assured members of the community that all their assets are safe and that there is no need to think the disruption in service is an attack by bad actors.
Cyber security experts say the alert to members of the Binance community is timely given the increased activity of malicious actors targeting investors’ assets in recent times. However, they warned users to remain cautious during the upgrade as hackers could exploit it to provide phishing links as an “alternative login option.”
Recently, bad actors attacked the Indian crypto exchange WazirX, causing a loss of over $230 million, with users still awaiting compensation. Interestingly, Binance has asked WazirX to take responsibility for compensation after the Indian exchange posted a misleading statement regarding its relationship with the global exchange giant.
Market Impact and Changpeng Zhao’s Return
Market watchers anticipate major disruptions in the broader crypto space on Wednesday, September 25, during the upgrade. This speculation lies in the market share that Binance controls. Given the exchange’s size, it could disrupt seamless transactions in the broader crypto market.
Meanwhile, the crypto community has started a countdown to September 29, the date scheduled for the release of Binance’s former CEO and founder, Changpeng Zhao. Zhao will be set free as his 4-month jail time ends.
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