Chief executive officer of Binance, Changpeng Zhao (CZ) tweeted today that the firm has resumed trading operations on its platform. Before his tweet, Binance had already informed the public that it had completed the upgrade of the spot ding system.
This is the largest upgrade to date. We switched the matching engine to a new programming language (and re-wrote all code from scratch, as required). That’s as big an upgrade as you can get. 2 years in the making, all for faster performance. Readying for the next wave… #BUIDL
— CZ Binance 🔶🔶🔶 (@cz_binance) June 28, 2020
According to CZ, the upgrade is the largest one to date, and during the upgrading process, Binance had to change its matching engine to a new programming language, as the team had to rewrite all codes from scratch. CZ reiterated that the planning and implementation of the biggest upgrade took two years to complete. With the platform ready, there are high expectations for improving performance within the exchange.
“That’s as big an upgrade as you can get. 2 years in the making, all for faster performance. Readying for the next wave,” he said
In the past, a lot of traders have criticized the slow pace of development and several bottlenecks in the system. Users pointed out that Binance has to fix the bugs before adding future contracts and trading pairs to new coins.
Following an extended break as a result of the system upgrade, the second most popular crypto exchange in the world said the platform has fully resumed its operations.
This upgrade comes after the Binance risk management team issued a warning about the system, although the reason for the warning is not known to the public.
Upgrade was delayed for three days
Binance announced the planned system upgrade on the 24th of June, and the network was expected to be down for only a few hours. However, there was a vulnerability detected by automated security, which resulted in the extension of the upgrade.
The upgrade was concluded on June 27 and normal system operation resumed.
Presently, users of the exchange can use all account-related functions in the system, including withdrawals, deposits, placing, or canceling trades.
Reward for customers’ patience
To compensate for the extended upgrade and reward its customers for their patience, Binance announced that it is decreasing its trading fees by 70%.
Nevertheless, several users still made their discontent known by voicing out on social media. They pointed out some problems they have been facing, such as missing account balances and other irregularities. In response, Binance has assured users that the minor issues will be resolved as normal service of the exchange resumes.
Crypto exchanges are not new to similar cases, especially when the security teams warn about vulnerabilities within the platform. Whenever a weakness is detected, the affected platform usually takes action to upgrade and fix the problem before it becomes catastrophic. That is exactly what Binance has done, and Binance has assured its users of safety within the platform.