Binance to suspend all trading during system upgrade

Binance cryptocurrency exchange has announced suspension of trading and withdralaws while performing system upgrade which will take about 20 minutes
18 December 2017   3177

One of the largest cryptocurrency exchanges in the world, Binance, has claimed that it is experiencing a major growth in popularity among users. Due to that reason, the decision to perform a system upgrade was made.

The upgrade is stated to occur shortly after 10:00 a. m. UTC on December 18.

The upgrade is stated to last for approximately 20 minutes. Binance will suspend withdrawals and trading during this period.

List of currencies traded on BinanceMain cryptocurrencies traded on Binance exchange

The currencies that are currently traded on Binance include Bitcoin, Ethereum, Ripple, Litecoin, IOTA, NEO, Verge, TRON, Power Ledger, and Cardano. It is worth mentioning that he price of Cardano cryptocurrency rose more than 300% within past 7 days, and Power Ledger partnered with BCPG to develop energy trading.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   284

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.