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Binance to Introduce New Features With System Upgrade

The largest cryptocurrency exchange, Binance, just announced its system upgrade which is scheduled for 2019/08/15 02:00 AM (UTC). 

As per the blog post the major improvements in this upgrade include:

  • Matching Engine, API, and WebSocket performance optimizations.
  • New order type: OCO (Order Cancels Order), available via the API.
  • 5,000 and 10,000 order book levels available from Rest API (GET api/v1/depth).

Following the update, traders can make use OCO order to create two orders in which one order will be automatically canceled if one order is executed. 

The platform also says that it will suspend deposits, withdrawals, and trading during the upgrade period. These operations will resume once the upgrade is completed.

After the upgrade, another announcement will be made. The stock market will provide users with a 30-minute front window to cancel orders, withdraw deposits, make withdrawals, and use all other account-related functions before proceeding.

However, users with open margin positions are advised to reassess collateral balances before the start of the upgrade to mitigate price fluctuations during the upgrade.

Binance also claimed that, once the update is complete, the company will give its users 30 minutes to cancel their trading orders, look for deposits and withdrawals. Binance is expected to open at around 13: 00-14: 00 tomorrow,

 A majority of users requested Binance application to work on iOS. Currently, Binance is supported on desktops, both iOS and Windows. However, on mobiles, it is only available on the Google Play Store and Android APK. 

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Nidhi Kolhapur

Nidhi is a passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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