Binance Stops Trading To Resolve Technical Issues

Significant digital currency trade Binance ended exchanging on its foundation to determine a sudden specialized issue with its framework.

A declaration distributed by Binance on Feb. 19 notes that, because of unscheduled framework support, the trade suspended the majority of its exercises. All the more unequivocally, as of press time, it is beyond the realm of imagination to expect to perform “stores, withdrawals, spot exchanging, edge exchanging, P2P exchanging, loaning, recovery, just as resource moves from sub-accounts, edge accounts, prospects records, and fiat wallets” on the stage.

No funds were lost

Binance co-founder and CEO Changpeng Zhao explained in a tweet sent earlier today that one of the market data pushers experienced an issue, but the matching engine did not, so no funds or data were lost. He also said in a separate message that futures trading is continuing normally since it employs a separate matching engine.

In an attempt to compensate users for the market disruption, Zhao also promised to waive the trader margin interests for today. In his latest update as of press time, he said that the issues are nearly resolved and that users will have 30 minutes to cancel their orders before normal trading resumes.

Just the latest problem experience by Binance users

This is just the latest issue experienced by Binance users this month. On Feb. 17, Binance released a separate report on performance problems. In the report, the firm admits that it did not anticipate the volume of users who recently started using its platform. The paper reads:

“Last week was a tough one. […] We had a number of performance issues, which negatively impacted the accessibility of our platform.”

Per the report, Binance’s trading platform was unable to manage all users and keep market data, orders and balances up to date. The firm promises to solve these issues soon, and encourages users who were damaged by the performance issues to contact the exchange’s support.

The fear of unscheduled exchange maintenance

Some Twitter users expressed concern and fear that Binance may have fallen victim to a hack, but there is no evidence suggesting that this is the case. In fact, the performance issues recently reported by the exchange and its users add further credibility to the cause being a simple technical problem.

In an announcement imparted to Cointelegraph, Binance consoled its clients that accomplice trades, for example, Binance.US were unaffected and that exchanging action will continue in no time.

No funds were lost

Binance co-founder and CEO Changpeng Zhao explained in a tweet sent earlier today that one of the market data pushers experienced an issue, but the matching engine did not, so no funds or data were lost. He also said in a separate message that futures trading is continuing normally since it employs a separate matching engine.

In an attempt to compensate users for the market disruption, Zhao also promised to waive the trader margin interests for today. In his latest update as of press time, he said that the issues are nearly resolved and that users will have 30 minutes to cancel their orders before normal trading resumes.

Just the latest problem experience by Binance users

This is just the latest issue experienced by Binance users this month. On Feb. 17, Binance released a separate report on performance problems. In the report, the firm admits that it did not anticipate the volume of users who recently started using its platform. The paper reads:

“Last week was a tough one. […] We had a number of performance issues, which negatively impacted the accessibility of our platform.”

Per the report, Binance’s trading platform was unable to manage all users and keep market data, orders and balances up to date. The firm promises to solve these issues soon, and encourages users who were damaged by the performance issues to contact the exchange’s support.

The fear of unscheduled exchange maintenance

Some Twitter users expressed concern and fear that Binance may have fallen victim to a hack, but there is no evidence suggesting that this is the case. In fact, the performance issues recently reported by the exchange and its users add further credibility to the cause being a simple technical problem.

Leave a Reply

Your email address will not be published. Required fields are marked *