Binance Announces Scheduled Margin Trading System Upgrade

Binance, one of the world's leading cryptocurrency exchanges, has announced a scheduled system upgrade for its Margin Trading services. According to Binance, the upgrade will commence on August 28, 2024, at 07:15 (UTC) and is expected to last approximately 30 minutes.

Impact on Services

During the upgrade period, Binance Margin services, including trading, borrowing, repayments, and transfers, may experience instability. Users encountering any outages are encouraged to wait a few minutes and refresh their page. To verify if requests have been fulfilled, users should check for changes in their Margin Wallet asset balances and resubmit requests if no changes are observed.

Upgrade Details

Binance has highlighted that the 30-minute upgrade time is an estimated duration and may vary. The exchange will maintain regular communication through its social media channels to update users on the progress of the upgrade. However, no further announcements will be made once the upgrade is complete.

Binance also noted potential discrepancies in translated versions of the announcement and advised users to refer to the original English version for the most accurate information.

Precautionary Measures

Users are reminded of the inherent risks involved in digital asset trading. The disclaimer issued by Binance underscores the high market risk and price volatility associated with digital assets. The announcement emphasized that cross-margining offers greater leverage than a regular margin account, which can lead to significant losses under adverse market conditions. Users are advised to invest only in products they are familiar with and to consult independent financial advisors if necessary.

For more detailed information, users can visit the official Binance announcement page.