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Binance Margin & Binance Earn System Upgrade Notice (2023-06-13)

Binance Margin & Binance Earn System Upgrade Notice (2023-06-13)

2023-06-09 08:10

Fellow Binancians,

Binance will perform scheduled system upgrades for Binance Margin and selected Binance Earn products from 2023-06-13 06:00 (UTC) to 2023-06-13 07:00 (UTC)

The following services will be suspended during the upgrade: 

  • All Margin-related services, including but not limited to trades, borrowing, repayments, and the transfer of funds between Margin wallets and other wallets.

  • Subscriptions and redemptions of Simple Earn Flexible Products and BNB Vault. 

  • New Auto-Invest plan creation, and crypto purchases via Auto-Invest with assets from Simple Earn Flexible Products.

  • Binance Pay transactions using balances from Simple Earn Flexible Products.

  • DOT to BDOT conversion and rewards redemption functions in DOT Slot Auction.

In addition, liquidation mechanisms for Binance Margin, the Classic Portfolio Margin Program and Portfolio Margin Program will be suspended from 2023-06-13 06:00 (UTC) to 2023-06-13 07:15 (UTC)

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.

Please note:

  • Open orders on Margin will not be impacted and may be executed during the system upgrade if the relevant conditions are met. No Margin borrowing interest fees will be charged on open Margin positions during the system upgrade. 

  • Users are responsible for ensuring that they maintain sufficient collateral against open Margin positions. Binance will not be liable in the event that a user’s positions are liquidated due to insufficient collateral. 

  • All cryptocurrencies purchased via Auto-Invest plans during the system upgrade will be directly transferred to users’ Spot Wallets instead of Simple Earn Flexible Products. 

  • During the system upgrade, users who have enabled the [Use Simple Earn Flexible Balance] function for Auto-Invest subscriptions previously, will continue to purchase cryptocurrencies via their Auto-Invest plans using their Spot Wallet balance instead.

  • The duration of the system upgrade is based on our best estimates and may vary. All impacted functions will resume once the system upgrade is complete. There will be no further announcement.

  • Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.

We apologize for any inconvenience.

Thanks for your support!

Binance Team

2023-06-09

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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses that might arise from your use of Margin. Margin trading carries substantial risk and amplifies both losses and profits. Past performance is not a reliable predictor of future performance. All of your margin balance may be liquidated in the event of adverse price movement. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. This information should not be regarded as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use and Risk Warning.