Binance Announces Scheduled System Upgrade: Impact on Shiba Inu and XRP Holders

Stay informed about the latest crypto news. Binance announces a scheduled system upgrade that may affect Shiba Inu and XRP holders. Learn more.

Posted 8 months ago in DeFi and CeFi


Image: Binance system upgrade announcement

Top crypto exchange Binance has made a new announcement that might impact Shiba Inu and XRP holders. Binance says it will be performing a scheduled system upgrade for selected Binance Earn products for an estimated three hours on Sept. 20 from 6:00 a.m. (UTC) to 9:00 a.m. (UTC) to enhance overall system performance and stability.

According to the announcement, all Liquid Swap services, including but not limited to swap trading on Swap Farming, the addition or removal of liquidity on Liquidity Farming, and the redemption of liquidity pool rewards from Liquidity Farming, will be suspended during this period.

In this light, users may face intermittent disruptions on subscriptions and redemptions for DeFi Staking, Simple Earn products, BNB Vault, Auto-Invest, Dual Investment and ETH Staking, as well as the wrapping and unwrapping function on ETH Staking. Binance also states that scheduled cryptocurrency purchases via existing Auto-Invest plans may be delayed during the system upgrade.

The duration of the system upgrade is estimated and thus, may vary, according to Binance. All impacted services will resume once the system upgrade is complete, although there may not be any further announcements.

It should be recalled that Binance added XRP and Shiba Inu to the Auto-Invest platform in May of this year. The Binance Auto-Invest platform supports over 200 assets and portfolio plans. A scroll through the list of cryptocurrencies supported includes XRP, Shiba Inu (SHIB), Cardano (ADA) Bitcoin (BTC), and others. Shiba Inu is also supported by Binance's liquid swap, which makes this announcement by Binance important to its holders as well.

Last updated 9/18/2023, 11:25:15 AM

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