íàçâàíèå

‘Big’ Update Coming to Binance, Maintenance Impending

‘Big’ Update Coming to Binance, Maintenance Impending

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.”

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.

The post ‘Big’ Update Coming to Binance, Maintenance Impending appeared first on Bitcoinist.com.

11.03.2019 / 10:10 49
Bittrex Successfully Completes Substantial Upgrade to its Trading Engine Bittrex Successfully Completes
On Tuesday the 26th of February, Bittrex announced that it would carry out a substantial upgrade to its trading engine the following day. The upgrade
The Daily: Zebpay Launches in 5 European Markets, Coinpulse Enters ‘Indefinite Maintenance’ The Daily: Zebpay Launches in 5
Saturday’s edition of The Daily covers developments of interest to crypto traders. Once one of the largest exchanges in India, Zebpay is now
Binance to Undergo an 8 Hr Scheduled System Upgrade on the 14th of November Binance to Undergo an 8 Hr Scheduled
The team at Binancehas notified loyal users of the platform that they will be performing an 8 hour system upgrade on the 14th of November, 20018. The
Binance System Maintenance Extended till 14:00 UTC, All Funds are SAFU Binance System Maintenance Extended
At around 5am UTC, the CEO of Binance, Changpeng Zhao, informed loyal clients of the exchange, that they were having issues with one of their
Binance Announces A Second System Upgrade in 24 Hours and its Extension Binance Announces A Second System
Popular cryptocurrency exchange, Binance, has announced a second system upgrade only one day after completing one. In the announcement that was made
Binance Extends System Maintenance, Postpones Trading and Withdrawals Due To A Risk Warning Binance Extends System Maintenance,
Popular cryptocurrency exchange, Binance, had two days ago informed its users of a system upgrade that would last 4 hours. The upgrade would begin
Comments (0)
Add a comment
Comment on