Binance Goes Offline, Traders Outraged

The team estimates 15 hours to rectify the issue, and updates are regular.

Hong Kong-based cryptocurrency exchange Binance has not been allowing any activity on its trading platform for several hours. After scheduled maintenance activity, the platform is facing some technical difficulties on its servers, and this has forced the platform to go offline for more than 12 hours.

With a recent update, Binance is estimating that it will take 15 more hours to rectify the issue and resume trading.

On the support page, Binance wrote: “Due to a significant increase in users and trading activity, Binance will need to extend the System upgrade and is expected to be completed by 2PM (UTC).”

It added: ”Our team is working hard to complete this upgrade as quickly as possible. We will make an announcement to all users if completed ahead of schedule.”
“Withdrawals and trading during this period will remain suspended. We apologize for any inconvenience caused and thank you for your patience,” the message concluded.

Following this message, Binance CEO Zhao Chengpeng announced on Twitter that the team is facing some server issue that might take several hours to fix.

Almost an hour ago, Chengpeng posted an update that the team is running behind schedule as the data synchronization process is taking much more longer than expected. He assured users that no data has been lost.

Binance is one of the largest cryptocurrency exchange today, and this outage days after the attack on Japanese exchange Coincheck has raised many concerns.

Amid the outage, anxious traders suspect a hack on the platform, which Chengpeng denies. Users are talking about the subject on social media, with some critical and others sympathetic.

Binance is one of the fastest growing blockchain startups. The exchange registers daily trades in the billions and even with the outage, daily trading volume on the exchange was $2.1 billion. Chengpeng even made it to the recent Forbes list of richest cryptocurrency players.

However, it is a positive sign that the team is updating the public on the progress of their work.

Got a news tip? Let Us Know