Binance to Undergo System Upgrade Tomorrow, Deposits, Withdrawals, Trading to Be Halted

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Major crypto exchange Binance plans to undertake a scheduled system upgrade tomorrow that will prevent deposits, withdrawals, and trading for roughly six to eight hours, according to an official announcement published on May 14.Yesterday, the exchange’s CEO, Changpeng Zhao (CZ), had announced that the platform was planning to fully resume deposits and withdrawals today, which had been suspended in the wake of a major hack of the platform on May 7. The breach resulted in the theft of around 7,070 bitcoin (BTC) from the exchange’s hot wallets — worth over $40 million at the time.According to today’s post, the system upgrade will start tomorrow May 15 at 03:00 AM (UTC), during which time deposits, withdrawals and trading services will not be operating.In a tweet accompanying the post, CZ noted that “During trading halt, we will update no less than every 2 hours, as per usual.” The post also states that:“Once…

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