Binance Crypto Exchange Site: Binance is the major crypto exchange site for the traders. Due to a significant increase in users and trading activity, Binance will need to extend the System upgrade and is expected to be completed by 2 PM (UTC). The Binance team is working hard to complete this upgrade as quickly as possible.
After the upgrade is successfully completed, the team will announce the users to continue with Binance. At this time, Withdrawals and trading during this period will remain suspended. The Binance team has assured that it is the regular maintenance of the website as the users were increased.
According to the coin market cap, Binance is the third largest exchange site with many users. Rumors are spreading like that Binance is being hacked. But the Binance team officially announced that the upgrading process of the website is going on and the website will remain offline for 12 hours.
Many traders were understandably frustrated with the statement of the Binance team that described the event as a “maintenance”, as orders were stuck and the trading platform stopped functioning. Quickly thereafter, Binance CEO Changpeng Zhao released a follow-up statement, emphasizing that the exchange experienced a server issue and that it may take several hours to fix to complete sync the data.