Binance Issues Important Warning as It Plans to Perform Wallet Maintenance

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.

Over the next few days #Binance will be performing standard wallet maintenance.

As a result, you might notice some large transactions across multiple networks from #Binance wallets.

Rest assured, as always, funds are SAFU.

— Binance (@binance) December 15, 2023

CZ finds new venture to invest in, but there’s a catch

After Zhao was forced to leave the position of Binance chief, he stated that he would direct his time and efforts into other projects. He does not see himself as a founder of a new crypto start-up. He said that he will certainly be available for consulting Binance management, and in the best case he would conduct closed consulting to a small circle of entrepreneurs who would be interested in what he has to say.

However, recently, CZ tweeted that he became interested in biotech. Apparently, he wants to utilize cryptocurrency in order to increase funding for biotechnology start-ups. His belief in the power of cryptocurrencies remains strong as ever, despite his resignation. He reckons that crypto may ensure a faster and smoother fundraising process, and this would be useful for innovative spheres of technology, such as biotech or anything else that can be ensure the further development of humanity.

This approach partly mirrors that of Elon Musk, however, the Tesla CEO is not in a rush to begin using crypto on a wide scale. Changpeng Zhao is worth $15 billion U.S. dollars.

Сurrently, CZ has more important issues to take care of. His resignation was followed by a $4.2 billion fine paid by Binance to the SEC, which accused CZ and Binance of money laundering and violating U.S. security laws.

At the moment, Zhao is forbidden from leaving the USA. District Judge Richard Jones has restricted CZ from leaving the country due to his significant wealth. CZ lives in the United Arab Emirates, but he now has to stay in the U.S. until his criminal sentencing, which is scheduled for February 23 next year.

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