Binance, the world’s largest cryptocurrency exchange by trading volume, has recently made an announcement that has caught the attention of Shiba Inu (SHIB) and XRP holders. The exchange’s upcoming system upgrade has the potential to affect users holding these cryptocurrencies.
Scheduled System Upgrade and Service Disruptions
Binance has revealed its plans for a scheduled system upgrade, which is set to last for approximately three hours on September 20th, from 6:00 a.m. (UTC) to 9:00 a.m. (UTC). The purpose of this upgrade is to improve the overall performance and stability of selected Binance Earn products.
During this period, certain services, including Liquid Swap, will be suspended. This suspension encompasses swap trading on Swap Farming, liquidity addition or removal on Liquidity Farming, and the redemption of liquidity pool rewards from Liquidity Farming.
As a result of the upgrade, users may experience intermittent disruptions related to subscriptions and redemptions for various products, such as DeFi Staking, Simple Earn, BNB Vault, Auto-Invest, Dual Investment, and ETH Staking. Furthermore, the wrapping and unwrapping functionality for ETH Staking may also be impacted.
Binance further advises that scheduled cryptocurrency purchases through existing Auto-Invest plans could face delays during the system upgrade. The duration of the upgrade may vary, and all affected services will resume once the process is complete. However, Binance notes that no additional announcements will be made regarding the resumption of services.
#Binance will perform a scheduled system upgrade for selected Earn products on September 20, at 06:00 UTC.
This will be done to improve the overall system performance and stability and will impact certain Earn functions. https://t.co/BjJHHjlUol
— Binance (@binance) September 18, 2023
Significance for SHIB and XRP Holders
It is worth mentioning that Binance added both XRP and Shiba Inu (SHIB) to its Auto-Invest platform in May this year. The Auto-Invest platform supports a wide range of assets and portfolio plans, including over 200 cryptocurrencies. Among the supported tokens are XRP, Shiba Inu (SHIB), Cardano (ADA), Bitcoin (BTC), and others.
Considering the inclusion of Shiba Inu in Binance’s liquid swap services, this announcement holds significance for SHIB holders as well.
As Binance prepares for its scheduled system upgrade, it is crucial for Shiba Inu (SHIB) and XRP holders to take note of the potential impact on their investments. With certain services being temporarily suspended during the upgrade and intermittent disruptions expected across various products, users should stay informed and be prepared for any delays or interruptions.
Binance’s Auto-Invest platform, which supports both SHIB and XRP, has gained popularity among crypto enthusiasts, making this announcement particularly relevant to its holders.