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Binance Postpones Resuming Deposits and Withdrawals to Wednesday

Linas Kmieliauskas
Last updated: | 1 min read

Major cryptocurrency exchange Binance moved their system upgrade from today to tomorrow, Wednesday, meaning that their clients won’t be able to deposit and withdraw their funds today, when Bitcoin touched USD 8,000.

Source: iStock/atakan

Moreover, during the upgrade tomorrow, trading will also be suspended.

The system upgrade is scheduled at 03:00 UTC on May 15 and is estimated to last approximately 6-8 hours, which is based on “best estimates and may vary.”

“Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes,” the exchange said.

Deposits and withdrawals were suspend after a major hack last week.

Meanwhile, as reported, some of Binance clients are wondering “will there be compensation?”, as they have suffered losses with no means to regain their funds, in addition to a delay in resuming deposits / withdrawals.

In the meantime, the cryptoverse is speculating on the future of Binance, as well as what will happen when the withdrawals are resumed, with some claiming they were able to deposit for a couple of days now. Some are saying that nothing’s going to change, others are claiming the resuming will affect the price one way or the other. Others still are wondering if this might kick off the altcoin season.

There are more than 150 tokens listed on Binance, while the 24-hour trading volume stands at USD 2.68 billion.

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