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Many users are reporting strange issues on Binance with placing orders and checking their balances today. In some cases, entire accounts saw their holdings evaporate as exchange wallets incorrectly showed 0 balances.
Many traders are worried today after more and more users are expressing concerns regarding Binance’s services. Today, some users reportedly found that their balances and placed orders were completely incorrect. Others said trades were going through but the balances would not update. Errors have also been seen sitewide, as reported by some users.
A recent tweet by Crypto Krillin (@LSDinmycoffee) brought the issue to the attention of many on cryptocurrency Twitter. Many other users replied and confirmed that they have also been having issues with Binance.
Binance balances are not even correct. Orders not being processed.
I'm started to get worried.
Instead of a "funds are SAFU", CZ is telling us we'll be able to trade NEO x50 tomorrow.
— Crypto Krillin ॐ (@LSDinmycoffee) February 16, 2020
I literally have no idea what trades I’m in
— JaminX฿T (@JaminXBT) February 16, 2020
Man same. My binance has been glitching all morning – doesn’t allow me to cancel orders half the time too
— Crypto Adam (@Crypto_stypa) February 16, 2020
Other repliers said that their entire accounts had absolutely no balance whatsoever. Their entire holdings had effectively evaporated due to an error.
I lost my whole account it shows no balance rn ……
— AlexBotts (@AlexBotts8) February 16, 2020
No big deal, my Unlike the physical wallet in your back pocket, a cryptocurrency wallet doesn’t actually store currency but the keys to a... More says I've been liquidated of my entire portfolio. 🥴
— Goku [Wolf of Huobi Returns] (@imCryptoGoku) February 16, 2020
This appears to be a sitewide issue for Binance affecting many users. So far, the exchange has not issued a comment on these reported problems. If unresolved, the issue could seriously harm Binance’s reputation since it has always promoted itself on the idea that “Funds are SAFU.” If the exchange is unable to account for basic balances, though, then this could be a serious issue. Hopefully, we can expect a proper comment from Binance soon.
Binance has faced criticism in the last few days over its functionality. Days ago, traders were also reportedly struggling to place BTC/USDT longs on Binance. Some large traders received error messages when trying to take out a USDT loan for margin trading. Binance CEO Changpeng Zhao (CZ) has admitted to the “slight delay in the order book display across some trading pairs” and said that the team is actively working on it.
The balance issues at Binance also comes on the same day that the entire cryptocurrency market posted losses across the board. Althoughhas fallen just -1.31% on the daily, many other cryptocurrencies are reporting double-digit losses. It’s currently unclear whether or not the platform’s dysfunctionality has exacerbated the market rout. At the time of writing, Binance still boasts some $2.7B in trading volume.
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