The cryptocurrency exchange Binance claims it has completed its largest upgrade so far. After completing the upgrade, which involved overhauling its matching engine, it is now back up and running.
“Binance has completed its system upgrade and we will resume all trading activity at 5:30 AM (UTC).”
On June 26, the exchange noted that it would be upgrading its spot trading platform on 2020/06/28 02:00 AM (UTC). The announcement stated that the upgrade would take place within two hours but it eventually took more time.
The exchange informed its users later that the spot trading system upgrade will be extended by about 2 hours. In the process of upgrading, a wide range of platform features, including deposits, withdrawals, spot trading, and P2P trading were not available.
“Please note that Binance Futures & Options trading will continue unaffected during the upgrade period. During the upgrade period, Binance will suspend deposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts and fiat wallets.”
Binance was launched three years ago and it has carried out a wide range of system upgrades, including several simple performance improvements as well as others were more noticeable changes.
The exchange introduced its futures products, margin trading, lending products, as well as cryptocurrency staking features in 2019. Two months ago, Binance likewise introduced options on its futures trading platform.
The exchange’s CEO Changpeng Zhao commented on the upgrade on Twitter, noting that it is the largest upgrade to date. He said they switched the matching engine to a new programming language and re-wrote all code from scratch within two years for faster performance.
When Binance was launched, it emerged with a matching engine which could sustain about 1.4 million orders per second. After the just concluded upgrade, it will take some time to determine whether it has solved the challenges facing Binance.