Binance, the world’s biggest cryptocurrency exchange according to trading volume has scheduled an 8-hour maintenance tomorrow i.e. 8th March 2019 at around 2 AM UTC. Binance announced the maintenance through an official article published on the website.
According to the article, trading, as well as the deposits and withdrawals, will be frozen on the exchange through the maintenance time. If the user makes a deposit just before the scheduled maintenance, it will probably reflect in his account after the maintenance is over. The scheduled maintenance is approximately an eight-hour process.
How will Binance Maintenance affect the price of bitcoin?
It has been noted earlier that whenever a large cryptocurrency exchange such as Binance, goes through scheduled maintenance, it gives the big bitcoin whales a chance to start manipulating the price. Many times, small traders find out that their positions have been forced liquidated once the maintenance gets completed.
— CZ Binance (@cz_binance) March 11, 2019
Binance has not announced the reason or the changes that will happen in the upcoming maintenance. However, the CEO of the exchange posted a tweet stating that the upgrade is going to be big and the user funds are SAFU.
What is SAFU?
SAFU refers to Secure Asset Fund for Users which is a dedicated fund that receives 10% of the trading fee on Binance and was made to offer better security in extreme situations. It was made live when Binance went through a drastic situation when one Syscoin that was worth $0.25 was sold for $96 BTC ($615,000). When this happened, binance was quick to stop the trading and withdrawal. They had to remove the API too till the situation was solved.