Binance Temporarily Crashes Due to Gateway Issue

Share Article
In Brief
  • Leading crypto exchange Binance crashed for around one hour.

  • The outage was apparently caused by a gate issue.

  • Binance CEO CZ plans to address the problem in more detail later.

  • promo

    BIT Launchpad: Up To 3,500 FREE BIT. Don’t Miss The Beat. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

The crypto industry’s leading exchange Binance went down temporarily on Thursday. For around an hour, it wasn’t possible to access the platform via an internet browser or its mobile application.

Sponsored



Sponsored

This caused mild panic among crypto investors, although many noted that this was not the first such occurrence.

Binance was quick to respond, releasing a statement that read:

The crypto giant also had access problems when the bitcoin price dropped recently. At that time, after the sharp BTC drop, there were claims that the crash contributed to the decrease, a problem that naturally caused a mini-panic among investors.

More than a few Twitter users took it as an opportunity to criticize the exchange over perceived management issues and the inability to handle significant BTC price movements.

Binance, however, is not alone in suffering from technical challenges. For example, on Sep 2, popular U.S. brokerage platform Coinbase announced that its sending service for various cryptocurrencies had gone down.

As for the founder and CEO of Binance, Changpeng Zhao (CZ) was fast to respond to this particular outage. In the space of an hour, he tweeted that the problem was a “Gateway issue, team is on it,” and that the “issue has been resolved. Site should be back to normal.”

He also indicated plans to address the issue in more detail later in the day. This article will be updated as new information becomes available.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don't amount to more than a handful of BAT.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!