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CDS Crypto News Binance to Temporarily Suspend Margin and Earn Services for Scheduled Upgrade

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Binance to Temporarily Suspend Margin and Earn Services for Scheduled Upgrade

Binance, the world's largest cryptocurrency exchange, has announced that it will temporarily suspend services related to Margin trading and selected Earn products as part of a scheduled system upgrade. The upgrade is set to take place on June 13. During the upgrade, services related to Margin trading and certain Binance Earn products will be impacted between 06:00 and 07:00 UTC.

Ecem ALKAN09/06/20231 Mins read796

Binance to Temporarily Suspend Margin and Earn Services for Scheduled Upgrade

Binance, the world’s largest cryptocurrency exchange, has announced that it will temporarily suspend services related to Margin trading and selected Earn products as part of a scheduled system upgrade. The upgrade is set to take place on June 13. During the upgrade, services related to Margin trading and certain Binance Earn products will be impacted between 06:00 and 07:00 UTC.

The temporary suspension is aimed at protecting users and preventing potential liquidation issues during the upgrade. All Margin-related services, including trading, borrowing, repayments, and fund transfers between Margin wallets and other wallets, will be temporarily unavailable.

Additionally, subscriptions and redemptions of Simple Earn Flexible Products and BNB Vault will be suspended. This includes new Auto-Invest requests, crypto purchases via Auto-Invest using assets from Simple Earn Flexible Products, and utilizing the balance of Simple Earn Flexible Products for Binance Pay transactions.

Binance will also suspend its liquidation mechanisms for Binance Margin, the Classic Portfolio Margin Program, and Portfolio Margin Program throughout the upgrade process.

To avoid any potential liquidation risks due to price fluctuations when the liquidation mechanisms are reinstated, users are strongly advised to review their collateral balances and Margin positions prior to the scheduled upgrade.

It’s important to note that the upgrade will not impact open orders on Margin, but users are advised to refrain from placing new orders during the upgrade period. Binance emphasizes that it will not be held liable for any user positions that may face liquidation due to insufficient collateral against open Margin positions. Other related functions will also be affected during the upgrade.