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.
This is very normal. They inform people and tell them that their funds are SAFU because to avoid panic and massive withdrawals. If you don't inform users, they'll start panicking. Binance doesn't want to collapse as FTX.
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.
It's hard to trade these days. People on this forum suggest depositing money to exchange, trade and withdraw immediately to lower the risk of losing access to your fund but bitcoin transaction fees are so high from both sides, that it will cost you a lot to send bitcoins to exchange address and it will also cost a lot to withdraw your coins. For financial profit, you have to gain enough percentage to cover loses caused by high transaction fees and loses caused by trade fees.
At the moment I suggest everyone to trade through DEX, do only one-time trades.
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.
Binance plays very risky games every day, they are very lucky to be able to keep running the company since 2017. I suggest everyone to avoid Binance and its products, including Trust Wallet.