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Binance, the world's largest cryptocurrency exchange, recently announced that a large Bitcoin transfer will be made and that this is related to normal wallet maintenance.
Large $BTC transfers can sometimes cause investors to become uneasy. Therefore, Binance previously stated that this transaction was a transfer between its own wallets.
Announcing that there will be regular maintenance on Binance wallets, Binance said that a large amount of Bitcoin will be moved to other addresses during this maintenance.
Pointing out that these transfers are normal, Binance said that this is not a $BTC outflow.
“Binance will perform normal wallet maintenance.
Normal wallet maintenance will mean transferring a large amount of $BTC to another address.
You can find these addresses listed in our reserve evidence.
As part of the transfer, you will also see that $BTC has been moved to a new change address. “This is not a $BTC exit.”
For usual wallet maintenance, #Binance will be transferring a large amount of #$BTC to another of our addresses.
These addresses can be found listed in our proof-of-reserves.
As part of the transfer, you will also see #$BTC move to a new change address – this is not an outflow.
— Binance (@binance) March 5, 2024
*This is not investment advice.