Binance System Maintenance Extended till 14:00 UTC, All Funds are SAFU
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 Databases. The tweet went on to explain that a number of API users will not be able to see their orders correctly. Regular users of the Web application and mobile app were not affected by the issue but an engine restart was required. The exact tweet can be found below.
However, the system maintenance is taking longer than expected due to data synchronization issues at the exchange. The team at Binance has since issued the following announcement regarding the extension.
Due to a longer than expected data synchronization, Binance’s ongoing system maintenance will be extended by another 6 hours to 2018/10/19 14:00 AM (UTC). Our team is working hard to complete the maintenance as quickly as possible.
Another announcement will be made once the maintenance is complete. Users will be given some time to cancel existing orders, deposit, withdraw and use other account functions before trading resumes. Please stay tuned for further information.
We apologize for any inconvenience caused, and thank you for your patience.
Funds are SAFU
Changpeng Zhao has since reassured user of the platform, that their funds are safe at the exchange using the popular acronym of SAFU that alludes to the word SAFE. His tweet can be found below:
The Word SAFU is an acronym for Binance’s program known as Secure Asset Fund for Users which was started on the 14th of July after the exchange experienced a massive spike in value of the Syscoin (SYS) cryptocurrency.
What happened on that day, is that irregular trading through APIs had caused the value of SYS to spike to as high as 96 BTC for one coin. This in turn meant that there were plenty of traders who either made massive gains or made massive losses during that time period. The exchange then reset the API system and reversed all affected trading transactions.
SAFU was created to protect the exchange’s users and their funds in extreme cases. Binance now allocates 10% of all trading fees received into SAFU and stores the fund in a separate cold wallet.
However, the term SAFU, has been the subject of jokes and memes as can be seen in the one below of Changpeng Zhao.
What are your thoughts on the Binance system maintenance? Are your funds SAFU? Please let us know in the comment section below.