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Binance To Undergo Scheduled Maintenance

Binance, the world’s leading cryptocurrency exchange, is going through a scheduled system upgrade tomorrow. As it’s the largest exchange in the market, this might open a window for external players to move the prices more easily.
Binance is the world’s leading cryptocurrency exchange, and it is scheduled to undergo a system wide update today, April 25th. The upgrade should take about 4 hours, and during this time, Binance will halt deposits, withdrawals, savings, redemptions, asset transfers from sub-accounts, as well as spot, margin, and P2P trading.
It’s worth noting that Binance Futures and options trading will remain readily available during the maintenance period.
Once the upgrade is completed, users will be given a 30-minute window to cancel their orders, process deposits, withdrawals, and handle all other account activities before trading is back to normal.
Per the official announcement, the update will include a new API endpoint that would allow users to delete open orders on specific symbols. Moreover, the orders could also be deleted through the API during a halt or break status.
While the maintenance time seems more than appropriate for the world’s largest cryptocurrency exchange, this might allow external players to move the prices more easily.
Possibility For Manipulation?
As the leading exchange by trading volume and user base goes through its scheduled maintenance, it would become easier for larger players to move the market more easily.
As reported in the past, scheduled maintenances of major cryptocurrency exchanges present an excellent opportunity for Bitcoin whales to manipulate the price.
For example, last year, when another major exchange, Bitfinex, went offline for unscheduled maintenance, Bitcoin lost around $2,000 of its value. Needless to say, it was anyone’s guess whether or not Bitfinex’s downtime had anything to do with the sudden market drop, but the timing was undoubtedly questionable.
In any case, as Binance Futures won’t be affected by the maintenance, traders need to approach with caution. The official announcement urges users to be careful and responsible:

Source: Cryptopotato.com

History
Binance was found by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved out of China due China’s increasing regulation of cryptocurrency.

CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.
The company was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017. By March 2018 the company had established offices in Taiwan.

On February 21, 2020, the Malta Financial Services Authority issued a public statement responding to media reports referring to Binance as a ‘Malta-based cryptocurrency’ company. The statement noted that Binance “is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.” The MFSA added that it was “assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight.”
Binance has also acquired India’s biggest Crypto Currency Exchange WazirX and through launch pad also launched an IEO of Matic Network.

Wikipedia

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin56,380 0.18 % 1.62 % 11.32 %
Ethereum2,324.7 0.15 % 7.56 % 0.88 %
Binance Coin580.57 1.95 % 15.47 % 4.96 %
Tether0.9996 0.08 % 0.68 % 0.17 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.260 0.11 % 6.03 % 11.37 %
XRP1.380 0.54 % 5.21 % 22.95 %
Uniswap31.97 0.11 % 2.28 % 9.95 %
Litecoin261.52 0.70 % 0.51 % 1.78 %
Chainlink38.82 0.76 % 8.54 % 8.86 %