Binance Issues Important Warning as It Plans to Perform Wallet Maintenance

[Jenwi]

The biggest cryptocurrency venue Binance tweeted that it intends to perform a standard operation on their wallet maintenance over the next few days.

The Twitter/X account of the exchange added that users may see large cryptocurrency transfers on various blockchains made from its wallets.

Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.

[Barikui1]

In the past I will be somehow worried if I get an information like this, but due to the knowledge and more insight I have gotten from this forum, it's like an offense too me now, to keep my assets in a centralized exchange like binance.

I only have a few usdt there which I use in trading, besides it's an amount I can afford to lose. I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂

[_BlackStar]

The biggest cryptocurrency venue Binance tweeted that it intends to perform a standard operation on their wallet maintenance over the next few days.

The Twitter/X account of the exchange added that users may see large cryptocurrency transfers on various blockchains made from its wallets.

Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.

It would be great if you linked where you found the information - but I had read it the day before. Panic may arise everywhere and FUD creators will be happy to share lots of wild speculation to keep trader psychology and prices crashing. Considering Binance is one of the biggest exchanges - it's hard not to see panic if something strange comes from them.

Always consider not keeping your assets in exchanges or other online accounts - that's good enough to avoid a lot of problems. If you haven't seen the announcement yet - check it here:

When you log into an exchange, yield platform, or other site, and it says that you have a balance of "1 BTC" or "1 USD", this does not actually mean that you have 1 BTC or 1 USD. Rather, it means that the company showing you this balance owes you that money. In other words, you've given a loan to the company. Maybe the company will pay you back, but history is littered with defunct companies which accepted deposits and were widely trusted for years, but which ended up not paying back their depositors in the end.

To the greatest extent possible, you should always avoid keeping BTC (or anything else) in online accounts. This is especially important right now because a very large exchange went bankrupt recently; this has already caused a contagion effect which has taken down other companies which accept deposits, and this contagion may continue to spread and affect more companies.

Ideally, you should keep as large a percentage as possible of your crypto assets in a wallet where only you control the private keys. Electrum for Android or desktops is one good option. For iOS, there's BlueWallet. If you have a large variety of different crypto assets that you need to store, there's Unstoppable wallet. If you have never used your own trustless wallet before, using a mobile app is probably safer than using a desktop app. An even safer option, which you should definitely consider if you have a lot of crypto assets, is to use a hardware wallet such as Trezor.

Also, note that many altcoins, tokens, and DeFi projects are either fundamentally centralized and therefore about as risky as online wallets, or they are still potentially vulnerable to the recent wave of insolvencies due to the way that they're designed.

[Z-tight]

This topic should be moved to the service discussion-> exchanges section of the forum.

They are giving this update because they do not want their customers to be worried when they see large funds moving from Binance wallets, but how do you not worry when you have funds stored in a centralized exchange; your funds are not safu with them, move it into your own self custodial wallet and be responsible for your money.

I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂

Great. This is just how it should be, your coins in your custody only.

[OgNasty]

If you left funds on Binance after the FTX & Gemini fiascos, you are beyond lucky to still have access to them.  If you left money in there after the settlement with regulators about their illegal behavior, you are tempting fate.  If you still have funds in Binance after seeing them boost their interest rates on stablecoins to try and get more customer money to shore up losses and keep themselves from being exposed or liquidated, you are literally begging to have your funds stolen from you. 

Remove your funds from Binance immediately if you want your funds to be safe.  They are certainly and most definitely not safe on Binance, in spite of whatever you're told.  Sure, they may get away with it and keep BNB afloat to avoid liquidation, but they're playing games with your money.  Don't for a second think they aren't.

[BitMaxz]

In the past I will be somehow worried if I get an information like this, but due to the knowledge and more insight I have gotten from this forum, it's like an offense too me now, to keep my assets in a centralized exchange like binance.

I only have a few usdt there which I use in trading, besides it's an amount I can afford to lose. I feel confident now because the majority of my asset is in my custody, thanks to this forum, cheers🍻🥂

There's nothing wrong with the update if you have the Binance app on your phone you will always see this announcement about maintenance they usually do this to keep their wallet safe from hackers.
Only selected coins are temporarily disabled/suspended for withdrawal and deposit and the maintenance should not be long.

If you want to check all wallet status you can check this link below

- https://www.binance.com/en/network

[sheenshane]

..assuring them that “funds are safu”,

There's no real SAFU, that's a part of their marketing ads.
However, this isn't new for them.  AFAIK, this Binance was implemented before changing the user's wallet address for safety.

I think Binance did this for their customer security, but if you're going to ask me, I'd rather store my coins in a wallet that is under my control than a centralized exchange like Binance.  Don't give full trust in SAFU.

[tread93]

Binance or any exchange for that matter is always coming with some sort of risk event possibility simply because you are online and u less you have taken all of the right protocols to ensure your network and devices are secure then you could possibly be at risk. Always use caution when on the exchanges!!

[Rruchi man]

Binance urged its community not to worry for their assets, assuring them that “funds are safu”,

Best to have in your heart to trust the basket to shield you from rain rather than an umbrella, than to trust any exchange. Never to trust exchanges, no matter how big they are, it is almost the same as trusting your fiat banks. They will never publicly announce that your assets are at risk so not to scare their customers, and will always try to keep things cool even when there are problems. Not saying there is a problem with Binance currently, just that they will never announce it publicly if they are having problems. Never store your assets on an exchange, so that these kinds of announcements never bother you.

[Odohu]

I believe that a lot of the forum users already know the risk associated with storing money in exchanges irrespective of how secured they say they are. The popular "not your keys, not your coin" phrase that trended in this forum for months is a clear indication that CEX is not for storage but trading alone. Those who are actively trading can also do well to save only their trading capital in CEX and withdraw their profits and any amount they aren't using for the trading activities to their private wallets.

[Outhue]

Funds are SAFU as the CEO said, there might be possible glitches on customers balance that's why they bring this out so that people won't panic unnecessary, but people need to stop leaving their money on crypto exchanges, it's just a reminder, as we are heading into the new year you guys need to be very careful leaving your coins on any crypto exchanges, we don't know how 2024 will play out, maybe the unexpected will happen again nobody knows but make sure you are in control of your fund.

[yudi09]

Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.

Having worry about exchanges is necessary for those who still use exchanges as a place to store money beyond the amount needed for trading because funds stored on exchanges will not provide complete security.
Binance exchange is recognized by the majority of traders as a good exchange because of the features there, which does not mean that we completely give them confidence in our funds there.

The best wallet for storing assets not on an exchange. For those who are worried about maintaining Binance exchange, then it seems to me that you have thought right even though they say there is no need to worry.

[Kakmakr]

So, you think part of the maintenance are moving coins to cold storage or moving it in and out of the cold storage as a "test"? Is this now a regulatory requirement to move funds like this?

I think everyone are on a heightened level of paranoia, after Changpeng Zhao stepped down as CEO and every move they are making are being scrutinized now.. because they know those huge fines has to come from somewhere. 

[AmoreJaz]

Binance urged its community not to worry for their assets, assuring them that “funds are safu”, citing the former chief executive Changpeng Zhao (famous simply as “CZ”), who stepped down recently, handing his position to Richard Teng.

Having worry about exchanges is necessary for those who still use exchanges as a place to store money beyond the amount needed for trading because funds stored on exchanges will not provide complete security.
Binance exchange is recognized by the majority of traders as a good exchange because of the features there, which does not mean that we completely give them confidence in our funds there.

The best wallet for storing assets not on an exchange. For those who are worried about maintaining Binance exchange, then it seems to me that you have thought right even though they say there is no need to worry.

my take on this, even if they are saying your funds are SAFU, much better to get out your funds and transfer it to your own wallet for the moment. i can understand for some financial services like the staking coins where they have certain period before you can get out of it. but if your funds are just being "stored", no need to wait for the next announcement. you will feel at peace if you have your funds in your own wallet.

but the initiative of warning for their users is of course greatly appreciated. unlike, most small trading platforms where they will conduct their maintenance without prior announcement.

this is why people are confident with binance because they are more than fair on things. it is up to you how you will manage your funds. it is now your choice if you want to leave your funds on them while waiting to finish their maintenance activity.

[hugeblack]

There is no need to cause panic, but the wallets are maintained periodically and it is assumed that there are times when withdrawal is at a minimum, but with the high fees, this does not mean that the time is ideal for trading, especially since the price of Bitcoin will increase, so you have no reason to use these platforms currently, and you should not keep With your money in it.

[bhadz]

Like, so what? Exchanges usually goes into maintenance when they need to upgrade or fix something. And with large transfers? Aren't we used to see it with the twitter accounts that have been monitoring them all day long. Okay, just do the maintenance and let these transfers go to whatever purpose they should be. There's no need to panic, we're about to get into the bull run and even with huge transfers, that's not going to be worrying at all.

[criptoevangelista]

Common procedure for brokers, they always do this. There is a Twitter profile that always reports on these big movements https://twitter.com/whale_alert

I always ask myself, what kind of maintenance is done on a portfolio that needs to move funds? Isn't it just cash and receive? Does this need maintenance?

[Blitzboy]

Maintenance is common  to ensure security and functionality. Transparency regarding these transactions is good. All crypto exchanges should follow Binance's example of open contact with users.

In asset safety, "funds are safu" is a commitment. This maintenance continues Binance's strong security. Richard Teng, who succeeds CZ, will likely prioritize user security and trust.

For Bitcoin supporters, this is a non-issue. Due to its decentralization, exchange maintenance does not affect Bitcoin's stability or security. This does not harm the blockchain. Bitcoin enthusiasts dont need to worry - these routine maintenances are normal

[yudi09]

Having worry about exchanges is necessary for those who still use exchanges as a place to store money beyond the amount needed for trading because funds stored on exchanges will not provide complete security.
Binance exchange is recognized by the majority of traders as a good exchange because of the features there, which does not mean that we completely give them confidence in our funds there.

The best wallet for storing assets not on an exchange. For those who are worried about maintaining Binance exchange, then it seems to me that you have thought right even though they say there is no need to worry.

-snip-
but the initiative of warning for their users is of course greatly appreciated. unlike, most small trading platforms where they will conduct their maintenance without prior announcement.

this is why people are confident with binance because they are more than fair on things. it is up to you how you will manage your funds. it is now your choice if you want to leave your funds on them while waiting to finish their maintenance activity.

We appreciate their efforts in providing security for a number of user funds stored in the Binance exchange wallet by providing collateral through SAFU funds. For me, it's the same as not fully guaranteeing the amount of money stored there because I want a system that only we control our funds through the keys we hold.
I think most other exchanges would do the same thing by notifying users of every important information like a local exchange I use to remind users that they have something to do and maintenance needs to be done.

[Z-tight]

For Bitcoin supporters, this is a non-issue. Due to its decentralization, exchange maintenance does not affect Bitcoin's stability or security. This does not harm the blockchain. Bitcoin enthusiasts dont need to worry - these routine maintenances are normal

Bitcoiners who do not have their funds in any centralized exchange do not have to worry, 'maintenance' is for centralized services, and i don't know what they intend to do or correct this time around, but if your funds is in your self custody, there is nothing such as 'maintenance', and it is only normal for the people who use exchanges like they are BTC banks.

In asset safety, "funds are safu" is a commitment. This maintenance continues Binance's strong security. Richard Teng, who succeeds CZ, will likely prioritize user security and trust.

Your coins are not safe when they are in the custody of any centralized exchange, i don't know why some people do not get it, how can you believe than an exchange is safe to store funds and is too big to fail with all the recent events that have happened with centralized exchanges and lending and earning platforms.