Binance went down for maintenance which was completely unscheduled and has gathered a lot of mixed responses from the traders. Binance CEO Changpeng Zhao was quick to tweet his explanation and accommodations.
Zhao has revealed via his official twitter account that the system is undergoing maintenance which forced Binance to pause all the trading activities. However, he has not provided any detail which the people were looking for.
Binance went down for maintenance
A lot of traders in the past few days complained about incorrectly placed orders and wrong balance in the account. Zhao got hold of this issue and released a report which indicated that Binance might have been facing performance issues due to excessive overload and. The reason for this overload can be explained by Bitcoin’s latest feat-reaching $10000 mark for the first time after 2017. This made the traders excited and hence the overload started. Binance went down to check these issues.
The sudden shutdown made people frightened, but others were nonchalant. A lot of users suspected that Binance has been attacked but Zhao cleared the air by reporting that “Funds are safe. No need to panic‘. One user appreciated this transparency.
Maintenance is still in progress
Zhao also gave some details later that the issue is with one of the market data pushers. Everything else was fine and there is no need to be afraid of any data loss. Futures trading is running fine because it uses a completely different matching engine. However, inter-product fund transfer has also been ceased for the time being.
Approximately one hour before writing, Zhao revealed that the maintenance is still in progress. More than five-eighth of the work has been done but it will take some time.
Users were relieved when they were guaranteed that their funds are safe and there’s nothing to worry about. Binance is currently the biggest crypto-exchange in the world when it comes to trading volume.
Binance went down and traders with huge stakes wait with bated breath. A day that passes is a day that’s lost in this highly competitive space.
Still progressing. Roughly 5/8 of the way there. But estimates are not 1:1 accurate to time. Balances etc are all intact. The only affected part is the market data. It just takes time, waiting sucks.
Featured image from binance.com/en