Binance CEO Changpeng Zhao has tweeted that there is unscheduled system maintenance happening on the exchange which has led to trading being paused. He also has added that they are working on it without providing many more details. [Update at the end of article]
Binance has been facing issues on the exchange in recent days with concerns about its ability to maintain performance coming to light. This has seen users report incorrect balances and placed orders.
These issues were addressed by Zhao, who released a report detailing user overload as the reason for the problems after a recent price climb over $10,000 had users excited to trade.
Having isolated the issue, Zhao added that he expected both support and bashing in equal measure over the problems the exchange was facing, that they were working on it, and that it was fixable. It is unclear if this unscheduled downtime has something to do with the previous issues, but as has become commonplace when Binance faces issues, Zhao has come forth to proclaim, ‘Funds are #SAFU. No need to panic.’
Funds are #SAFU. No need to panic.
— CZ Binance (@cz_binance) February 19, 2020
Binance: A Growing Behemoth
Binance is one of the most recognizable names in the cryptocurrency exchange space, and its trading volumes, especially for altcoins, top the charts. With this high level of trading activity, it is unsurprising that there are issues of overload, especially with a growing interest returning to the cryptocurrency space.
Zhao even made mention of the blessing and curse of having the heaviest traffic in the cryptocurrency space.
However, despite the double-edged sword of Binance’s expansion, there are still a number of users who are displeased with the overloading issues, as well as the unscheduled downtime that has since occurred.
The overload issues as detailed in the post from Binance failed to address issues that some traders face, such as forced liquidation due to lag over the last few days. One user, replying to Zhao, pointed out the difficulties he was having with the platform, calling it ‘unacceptable.’
What about traders who couldn't do anything and got liquidated because of that lag yesterday & today?
— bdh (@ynadim68) February 16, 2020
Liquidated because of our own mistake is fine, but liquidated because the platform didn't allow us to take action is unacceptable.
Latest Update
Zhao added to his post about the unscheduled maintenance soon after stating that one of the market data pushers was at fault and that it should be fixed soon. https://twitter.com/cz_binance/status/1230094351830802432
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Julian Thomas
Julian has had a long interest in financial technology, especially cryptocurrency and blockchain. He studied to be a journalist and then decided to marry his passion for fintech with his skill in writing to report on this ever-changing and rapidly moving space.
Julian has had a long interest in financial technology, especially cryptocurrency and blockchain. He studied to be a journalist and then decided to marry his passion for fintech with his skill in writing to report on this ever-changing and rapidly moving space.
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