The update should last about four hours during which all withdrawals and exchanges will be suspended. So, in fact, the exchange will not be operational during the update.
Since in the past unplanned service interruptions have generated a certain panic, this time the team of Binance has preferred to warn in time, so that users do not get caught off guard when the service will be interrupted.
Moreover, given the hypothesis of the duration of the suspension of the service of four hours, it is conceivable that this is not a minor update, and this may actually take longer.
In fact, it has already happened in the past to other exchanges that the production of important updates has caused unexpected problems that have taken longer than previously announced to be fixed.
Binance did not want to reveal anything about the nature of these updates, so it is reasonable to expect that the changes should not be perceived by users. The only thing is that they apologize to users for any inconvenience caused.
Let’s not forget that Binance is only 1 year old and is evolving very fast, so this update could also be used to lay the foundations for the inevitable future developments.