Binance, the world’s largest cryptocurrency exchange by traded volumes, will be entering into scheduled maintenance starting March 12 at 2 AM UTC. Without revealing too much information, its CEO said that there’s a “big” update coming.
‘Funds are #SAFU’
According to a system upgrade notice published on Binance’s official website, the world’s leading cryptocurrency exchange is set to undergo scheduled maintenance on March 12 at 2 AM UTC. Throughout the time of the maintenance, all deposits, withdrawals, as well as trading on the platform will be suspended. Additionally, the notice reassures that deposits which haven’t been completed before the start of the maintenance will be processed as soon as it’s done.
The entire upgrade is supposedly going to last about eight hours but Binance has warned that this estimate “may vary.”
Without revealing too much on the matter, the CEO of the cryptocurrency exchange, Changpeng Zhao, tweeted that the scheduled upgrade is a “big” one — while reassuring users that their funds are “SAFU.”
Big upgrade. Funds are #SAFU. https://t.co/0LVZ3iZUU4
— CZ Binance (@cz_binance) March 11, 2019
The abbreviation SAFU refers to Binance’s Secure Asset Fund for Users. As Bitcoinist reported, the dedicated fund will store 10 percent of all trading fees in order to cover losses in extreme situations.
Talk About Timing
The cryptocurrency exchange’s system upgrade comes just a couple of days after its CEO hinted that Binance may launch a new fiat-to-crypto exchange in Argentina. His post came after the country’s Government said it will match investments made by Binance Labs in local blockchain technology startups 1:1.
Meanwhile, Binance’s own cryptocurrency, Binance Coin (BNB) managed to hold its gains of the past week. Despite the news of the maintenance and the potential worries that events of the kind might bring for users, the cryptocurrency’s price failed to react, signaling stability.
What do you think of Binance’s upcoming update? Don’t hesitate to let us know in the comments below!
Images courtesy of Twitter.