Cryptocurrency exchange Binance said they will be performing a scheduled system update tomorrow. The exchange said, in a post, that the major updates would include, Matching Engine, API, and WebSocket performance optimizations; New order type: OCO (Order Cancels Order), available via the API and; 5,000 and 10,000 order book levels available from Rest API (GET api/v1/depth).
The exchange said that the upgrade would last anywhere between 6 and 8 hours and in that time, all activities such as deposits, withdrawals, and trading would be suspended. It further stated that all the deposits that could not be processed before the upgrade, would be processed after the update.
In the post, Binance said, “Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.”
It further advised users with open margin positions to re-assess their collateral balances prior to the start of the upgrade to mitigate against price fluctuations that may occur during the upgrade period.
The last upgrade took place in May this year. At the time, the company had advised users to periodically change their passwords, reset their 2FA secrets and update their anti-phishing codes for precaution. It had also advised the users to follow the 14 steps outlined in a blog post published on 14th of May to enhance the security of their Binance accounts.
At the time, the update ran a little longer than usual. To compensate for that, the exchange had also announced some rewards for its users to thank them for standing with the company throughout that episode. One of those rewards was a 50,000 BNB reward pool, and the other is improvement of one VIP level for a week.
Binance crowned as most-mentioned exchange name in 2019 headlines
BDCenter Digital Insights recently published its ‘Crypto Exchanges’ report, which covered the occurrence of cryptocurrency exchange names in specialized media outlets over the world. By analyzing the headlines of 2,500 resources on these crypto exchanges, forex investments, and businesses, the report discussed the most mentioned exchanges in the news, and which media outlets have the strongest news agenda for cryptocurrency platforms.
According to the report, the list of leading exchanges in media headlines includes Binance, Coinbase, Bitfinex, Huobi and Bittrex, collectively comprising 71.5% of the total information space.
Additionally, they mention how the crypto industry is the most actively monitored by users in the United States, with 24.3% of all traffic to specialized media outlets coming from there. The report also points out how there are many emerging markets that lack local publications to cover the situation regarding cryptocurrency exchanges.
“In some countries where people show an active interest in the industry, there are only three specialized media resources available.”
Of the 2,500 resources the report had analyzed, 247 of them have mentioned exchanges in their headlines. Russian crypto news website ttrcoin.com topped the list with over 600 mentions of exchanges in their headlines. Further, between January and May 2019, Binance was the most frequently included exchange name in headlines — with over 2,282 mentions.
Coinbase was mentioned 1328 times, Bitfinex 844 times, Huobi 580 times and Bittrex 357 times. These crypto platforms are the current market leaders, and the data indicated that the industry is monitoring their performance closely.
Is Binance Bidding For Lichtenstein Union Bank? Binance CFO Denies
Leading cryptocurrency exchange, Binance is in the news again, and this time, the exchange is reportedly in talks with representatives of Vaduz Privatbank Union, also known as Union Bank AG (UBAG) to acquire a stake at the Lichtenstein-based financial institution which is at the verge of liquidation.
Recent reports from InsideParadePlatz local news media reveal that the Liechtenstein Financial Supervisory Authority has ordered the bank with tough deadlines for its shareholders to “meet certain requirements for its own funds.”
With UBAG’s major shareholder, Konstantin Shevago, a Ukrainian billionaire and entrepreneur, now on an international wanted list for his involvement in fraud and money laundering, the bank is in a tight corner and needs new backers to rescue it from losing its banking license.
The bank also reportedly lost another of its major shareholders, an unidentified Iranian, giving the bank’s President, lawyer Wolfram Kuoni, little time to redeem his bank.
The crypto giant to the rescue
Binance, according to the report, may just be the last hope for Union bank, as both firms are currently in talks about how Binance could become a shareholder with an investment of up to 15 million CHF, which is approximately $15,150,000.
“Yesterday, we had a meeting with the Financial Market Authority (FMA) and the representatives of Binance, which operates a globally leading cryptocurrency exchange,” Kuoni said in a letter to shareholders last month.
While the country’s financial regulation, the FMA, is positive towards Binance, the exchange must first file for approval with the regulator and make payment to an escrow account.
“The FMA has made it clear that Binance must file an approval as a shareholder and pay in amount of CHF 15 million to escrow account for a later capital increase by the end of November,” Kuoni wrote in the letter.
Binance denies the rumors
In response to the above, Wei Zhou, Binance CFO, had replied to CryptoPotaot in the matter:
“The reports that claim Binance is investing into Liechtenstein Union Bank or has applied with the Financial Market Authority to become a shareholder of the Bank are inaccurate.
However, Binance would be open to exploring a partnership with Union Bank and its new investors. Binance is committed to adding safe and reliable fiat channels to drive crypto adoption around the world.”
Binance Coin May Tumble Below $15; Drops by More than 0.82% Overnight
- Binance fails to retain the momentum and makes a loss of 0.82% over the last 24 hours
- BNB is likely to follow this price trend for the next few days
Binance Coin (BNB) has shown huge price volatility over the last 24 hours. However, the total change in the value rests at a loss percentage of 0.82%. The major three price variations have been in the range between 15.45 USD and 14.96 USD.
Binance Coin Price Analysis:
Binance Coin opened the day at 15.157 USD and its first major price shift happened between 03:07 UTC and 11:56 UTC. In these 8 hours and 49 minutes, BNB coin declined by 2.21% and got placed at 15.049 USD. It was followed by a 2.67% hike that added 0.40 USD to touch 15.45 USD. The last variation happened between 18:57 UTC and 00:54 UTC today and over these 5 hours and 57 minutes, BNB price noted a 3.16% fall to reach at 14.96 USD, the lowest of the last 24 hours.
BNB’s market cap on December 3 was 2.381 billion USD and it has shown a huge plunge over the last 24 hours. The current market cap rests at 2.358 billion USD.
Binance Coin Price Prediction:
BNB’s 20 days average is now at 15.0400114 USD and its 50 days average stands at 15.0564904 USD. The current value at 15.0318018 USD is 0.16% and 0.05% less than the 50 days average and 20 days average respectively.
Resistance and Support Levels:
|Binance Coin (BNB)|
|1st Resistance||15.55666667 USD|
|2nd Resistance||15.80333333 USD|
|3rd Resistance||16.05666667 USD|
|1st Support Level||15.05666667 USD|
|2nd Support Level||14.80333333 USD|
|3rd Support Level||14.55666667 USD|