Binance Halts Trading On Its Platform To Resolve Unexpected Technical Issue With Its Infrastructure
Binance Halts Trading On Its Platform To Resolve Unexpected Technical Issue With Its Infrastructure
February 20, 2020
Binance Halts Trading On Its Platform To Resolve Unexpected Technical Issue With Its Infrastructure
Binance Halts Trading On Its Platform To Resolve Unexpected Technical Issue With Its Infrastructure
February 20, 2020

Binance, the major cryptocurrency exchange, halted trading on its platform to resolve an unexpected technical issue with its infrastructure.

On February 19, it has been reported by Binance that due to unscheduled system maintenance, the exchange suspended most of its activities. More precisely, it is not possible to perform “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets” on the platform.  

However, Binance reassured its users that partner exchanges such as Binance.US were unaffected and that trading activity will resume shortly.

Changpeng Zhao (CZ), the Co-founder and CEO of Binance, explained in a tweet that one of the market data pushers experienced an issue, but the matching engine did not, so no funds or data were lost.

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He also said in a separate message that future trading is continuing normally since it employs a separate matching engine.

In an attempt to compensate users for the market disruption, CZ also promised to waive the trader margin interests for yesterday (February 19).

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.

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Likewise, this is just the latest issue experienced by Binance users this month. On February 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.”

Image: newsbtc.com

As 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.

Moreover, 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.

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Thus, the performance issues recently reported by the exchange and its users add further credibility to the cause being a simple technical problem.

Source: binance.com | cointelegraph.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.