Binance, the major cryptocurrency exchange, halted trading on its platform to resolve an unexpected technical issue with its infrastructure.
#Major #cryptocurrency #exchange #Binance halted #trading on its #platform to resolve an unexpected #technical issue with its #infrastructure.https://t.co/9tLKSHZEOO#Rakamoto #Blockchain #WednesdayThoughts #Crypto #Bitcoin #Digital #Money #Coins #Dollar #Banks — Blockchain News (@Rakamoto) February 19, 2020
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.
One of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon. — CZ Binance 🔶🔶🔶 (@cz_binance) February 19, 2020
He also said in a separate message that future trading is continuing normally since it employs a separate matching engine.
Futures, using a separate matching engine, is still working fine. But no fund transfers between the products. P2P and most other trading services are paused. — CZ Binance 🔶🔶🔶 (@cz_binance) February 19, 2020
In an attempt to compensate users for the market disruption, CZ also promised to waive the trader margin interests for yesterday (February 19).
We will waive everyone's margin interests for today. Least we could do. Will also run some big campaigns after we deploy the performance fixes. https://t.co/WUMMDeBMAE — CZ Binance 🔶🔶🔶 (@cz_binance) February 19, 2020
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 a few more minutes longer. Final pre-live checks. https://t.co/IDBI2dIkkM — CZ Binance 🔶🔶🔶 (@cz_binance) February 19, 2020
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.”
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.
Thus, the performance issues recently reported by the exchange and its users add further credibility to the cause being a simple technical problem.