Binance is one of the world’s largest Bitcoin and crypto exchanges by volume.
They have revealed not too long ago that they were planning this massive update that would bring the trading to a halt scheduled to last for eight hours.
Binance suspends activity for 8 hours today
The official announcement said that the exchange suspends deposits, withdrawals, and trading today, March 12, starting at 2:00 am (UTC). The upgrade is scheduled to last for about 8 hours if everything goes fine.
“Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade,” according to the official announcement.
The crypto exchange also made sure to apologize to the users for any kind of inconvenience that this move might cause. They are also thanking people for their patience.
The announcement also notes that “The 8 hours is based on our best estimates and may vary. As usual, we will maintain regular communication on the progress of the upgrade on our various social media channels.”
According to Binance CEO, Changpeng Zhao, scalability-related issues are currently delaying the mass adoption of crypto.
He’s supporting a blockchain startup that could very well rival Visa.
“The lack of valuable solutions and good user experiences of blockchain-based technologies are caused by its limited scalability possibilities which have been a major hurdle towards unlocking its significant adoption potential to date,” CZ said.
Zhao selected Celer Network which is a scalability solution as the next project for the company’s venture capital arm, Binance Launchpad.
UPDATE: Binance announced that they have completed the system upgrade ahead of schedule and they will resume trading soon.