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.
This caused mild panic among crypto investors, although many noted that this was not the first such occurrence.
— Here (@TheSomk) September 10, 2020
Binance was quick to respond, releasing a statement that read:
We are aware of some temporary difficulties accessing https://t.co/QILSkzx7ac.
Rest assured our team is working on it.
Thank you for your patience and apologies for any inconvenience caused.
— Binance (@binance) September 10, 2020
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.