Most of Binance’s services seem to have gone down — which has left many traders concerned about the safety of their funds.
Spot trading is not processing trades and it is taking a significant amount of time for anything to load on the platform. Nothing seems to be working properly on spot trading and one can’t make or cancel trades, as of the time of this writing.
Yeah can't make or cancel any orders.
— PickACrypto | $TONE Maximalist (@PickACrypto) March 4, 2020
Binance’s downtime issues seem to be happening more and more as of late.
Last month, users reported that their balances and trade history were all wrong. Funds disappeared and balances sometimes showed entire portfolios vanishing. Binance has since issued a report explaining that it was due to ‘high demand’ — however, the exchange’s trading volume is nowhere near its all-time high.
BeInCrypto also reported that one user told us in confidence that trades were happening on his account that he never authorized.
— Ali Baba (@FunkyOptions) March 4, 2020
Binance has responded to the issues by putting out an emergency statement.
Changpeng Zhao (CZ), Binance’s CEO, also said that it is a ‘system failure’ — but failed to provide any additional details.
Trading has been ‘paused’ until the issue is addressed.
Zhao also affirmed that ‘funds are SAFU.’
System issue, not funds related. Funds are #SAFU.
— CZ Binance (@cz_binance) March 4, 2020
At the time of writing, all spot trading on Binance is down. However, users are reporting that futures trading still works fine.
This story is still developing.