In a move aimed at prioritizing user protection and mitigating potential risks, Binance, the leading cryptocurrency exchange globally, has announced its plans to temporarily suspend various services associated with Margin and Earn. The suspension is part of a scheduled upgrade set to take place next week.
In an official announcement on June 9, Binance confirmed its plans to perform scheduled system upgrades for Binance Margin and selected Binance Earn products in the upcoming week. The impact of these upgrades will be felt from 06:00 to 07:00 UTC on June 13.
Scheduled for June 13, Binance will conduct system upgrades targeting Margin and selected Earn products. As a result, services related to Margin and certain Binance Earn products will be temporarily suspended. Users are strongly advised to review their collateral balances and Margin positions well before the scheduled upgrade to avoid inconvenience.
Binance Takes Proactive Measures For User Safety
The temporary suspension of services is a proactive measure Binance took to safeguard its users and prevent potential liquidation scenarios during the upgrade. Consequently, all Margin-related services will be unavailable during this period, including trading, borrowing, repayments, and fund transfers between Margin and other wallets.
During the upgrade on Margin, any open orders will not be affected. Exchange recommends users avoid placing new orders during this period to avoid potential risks. Exchange will not be liable for any liquidation of user positions. Therefore, being cautious and aware of the potential impact on related functions is essential.
“To avoid any potential liquidation following the resumption of the liquidation mechanisms due to any price fluctuations during this period, users are strongly advised to reassess their collateral balances and Margin positions before the scheduled upgrade.”
As part of the scheduled upgrade, Binance’s temporary suspension of services associated with Margin and Earn products underscores the exchange’s commitment to ensuring a secure and reliable platform. Taking proactive measures, It aims to protect users’ assets and provide a seamless transition during the upgrade process.
Furthermore, the exchange will temporarily halt subscriptions and redemptions of Simple Earn Flexible Products and BNB Vault. This includes processing new Auto-Invest requests and crypto purchases made through Auto-Invest using assets from Simple Earn Flexible Products and Simple Earn Flexible Products balance for Pay transactions.