Due to a significant increase in users and trading activity, Binance will need to extend the System upgrade and is expected to be completed by 2PM (UTC).
Withdrawals and trading during this period will remain suspended.
Binance is one of the largest exchanges in the world,According to CoinMarketCap, it has over $2 billion in 24-hour trade volume and 190 currencies and tokens. The outage may worry those who suffered in the recent exchange hack in Japan but the Binance team have assured that it is all under control.
https://support.binance.com/hc/en-us/articles/360000713851The thing about this is that we do not have a system whereby we see updates like these. You know, these are necessary for everyone in cryptos to know. We should have, I guess, a software whereby we get to know firsthand about these interruptions. There are people who may be in need to cash out their cryptos but are unable to do so because of outage. This is what seriously sets us apart from traditional fiat currencies. We are just like a push button wherein a system can just shut you off at an instant without you having any legal claims against such system or management, if there is indeed any. And as to when it comes back, it is only they who knows. We seem to be always left at their own whims and caprices. I wish we can change this for the good of everyone.