Binance Stops Trading To Resolve A Technical Issue

The major cryptocurrency exchange Binance stops trading today due to a technical problem that was found on its platform, described as an issue “related to infrastructure.” It all began when the cryptocurrency news today showed an announcement published by the exchange this morning which notes that due to unscheduled system maintenance, Binance suspended most of its activities.

More precisely, today it is not possible to perform  “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets” on the platform.

A statement shared with many media outlets covering the Binance news showed that Binance stops trading – but reassures that partner exchanges such as Binance.US were unaffected and that trading activity will resume shortly.

Even the co-founder and COO of the exchange, Changpeng Zhao, talked about the reasons why Binance stops trading and explained some things on Twitter. One tweet sent by him earlier today indicates that one of the market data pushers experienced an issue, but the matching engine did not so no funds or data were lost. He also noted that futures trading is continuing normally since it employs a separate matching engine.

There was also an attempt to compensate users for the market disruption as Binance stops trading today (February 19) by the co-founder and CEO. Zhao promised to waive the trader margin interests for today. In his latest update, he also noted that the issues are nearly resolved and that users will have 30 minutes to cancel their orders before the normal trading resumes.

This is only one of the issues seen by Binance this month. On February 17, the exchange released a separate report on performance problems. In the report, the firm admitted that it did not anticipate the volume of users who started using the platform. The paper read:

“Last week was a tough one. […] We had a number of performance issues, which negatively impacted the accessibility of our platform.”

Per the report, we can see that Binance trading platform was unable to manage all users and keep market data, the orders and the balances up to date. The firm also promises to solve the issues soon and encourages users who were damaged by these performance issues to get in touch with the support.