Binance, the world’s largest cryptocurrency alternate by traded volumes, can be coming into into scheduled upkeep beginning March 12 at 2 AM UTC. With out revealing an excessive amount of data, its CEO mentioned that there’s a “big” replace coming.
‘Funds are #SAFU’
Based on a system improve discover printed on Binance’s official web site, the world’s main cryptocurrency alternate is about to endure scheduled upkeep on March 12 at 2 AM UTC. All through the time of the upkeep, all deposits, withdrawals, in addition to buying and selling on the platform can be suspended. Moreover, the discover reassures that deposits which haven’t been accomplished earlier than the beginning of the upkeep can be processed as quickly because it’s performed.
All the improve is supposedly going to final about eight hours however Binance has warned that this estimate “may vary.”
With out revealing an excessive amount of on the matter, the CEO of the cryptocurrency alternate, Changpeng Zhao, tweeted that the scheduled improve is a “big” one — whereas reassuring customers that their funds are “SAFU.”
Huge improve. Funds are #SAFU. https://t.co/0LVZ3iZUU4
— CZ Binance (@cz_binance) March 11, 2019
The abbreviation SAFU refers to Binance’s Safe Asset Fund for Customers. As Bitcoinist reported, the devoted fund will retailer 10 % of all buying and selling charges with a purpose to cowl losses in excessive conditions.
Discuss About Timing
The cryptocurrency alternate’s system improve comes simply a few days after its CEO hinted that Binance might launch a brand new fiat-to-crypto alternate in Argentina. His publish got here after the nation’s Authorities mentioned it would match investments made by Binance Labs in native blockchain expertise startups 1:1.
In the meantime, Binance’s personal cryptocurrency, Binance Coin (BNB) managed to carry its positive factors of the previous week. Regardless of the information of the upkeep and the potential worries that occasions of the sort would possibly carry for customers, the cryptocurrency’s worth did not react, signaling stability.
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Pictures courtesy of Twitter.
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