Binance To Temporarily Suspend All Crypto Margin And Earn Related Services – Crypto News – Crypto News
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Binance To Temporarily Suspend All Crypto Margin And Earn Related Services – Crypto News

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The world’s largest crypto exchange Binance on Friday said it will perform scheduled system upgrades for Margin and selected Earn money products on June 13. The crypto exchange will suspend services related to Margin and some Binance Earn products. Users need to check their collateral balances and margin positions before the scheduled upgrade.

Binance to Suspend Services Such as Margin Trading and Earn Product

According to an official announcement on June 9, Binance to perform scheduled system upgrades for Binance Margin and selected Binance Earn products next week. These services will be affected from 06:00 to 07:00 UTC on June 13.

Binance will suspend related services to protect its users and prevent any potential liquidation during the upgrade. All Margin-related services such as trading, borrowing, repayments, and fund transfer between Margin wallets and other wallets will be temporarily unavailable.

The exchange will also suspend subscriptions and redemptions of Simple Earn Flexible Products and BNB Vault. It includes new Auto-Invest requests, crypto purchases via Auto-Invest with assets from Simple Earn Flexible Products, and using Simple Earn Flexible Products balance for Binance Pay transactions.

Also Read: How US SEC And Court To Deliver Legal Papers To Binance And CEO “CZ”?

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

“To avoid any potential liquidation following the resumption of the liquidation mechanisms due to any price fluctuations during this period, users are strongly advised to reassess their collateral balances and Margin positions prior to the scheduled upgrade.”

The upgrade will not impact open orders on Margin, but users should avoid placing new orders during the upgrade. Binance said it will not be liable if a user’s positions are liquidated due to insufficient collateral against open Margin positions. Other related functions are also affected.

Also Read: US House Releases Stablecoin Bill To Bring Clarity & Giving Fed Authority

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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