Following the announcement from the CEO of Binance about the trading outage, market participants started to fear a hack attack. However, the representatives of the exchange have denied Binance Exchange hack accusations and promised the trading will resume this Friday.
9 February, AtoZForex – One of the most popular cryptocurrency exchanges of the modern time, Hong-Kong based Binance is experiencing a downtime in trading, while all the trading activities are suspended on its platform. The exchange stated it won’t resume trading or allow customer withdrawals until Friday.
Apparently, the downtime in trading is happening due to a blackout because of the prolonged system upgrade.
Binance Exchange Hack Accusations Denied, Trading to Resume On Friday
The downtime has caused some growing concerns in the market that the exchange has been hacked. However, the CEO of Binance has denied the accusations. As per the latest comments from Binance, the exchange will be up and running again at 4 AM UTC on Friday.
The statement from Binance reads:
"We will allow a 30-minute window where users can cancel open orders prior to trading being opened," the exchange wrote. "We will continue to update every two hours until the upgrade is complete."
The exchange has informed the public about the trading outage first time on Wednesday. The users were told that they might see some degraded performance for sometime. The Tweet from the CEO of Binance, Changpeng Zhao, has stated:
The Issue Needs more to to be Resolved
Then, two hours later, Mr. Zhao has tweeted that a server issue has caused data to fall out of sync, adding that the development team now needs to re-sync from a master database. Later on, he published another announcement stating that the maintenance did not go as planned, so the team will take longer to address the issue.
Binance is a cryptocurrency exchange that has first launched back in summer of 2017, and then gained huge popularity among the traders. In the recent months, the exchange has become one of the largest platforms for trading cryptocurrencies by trade volume. According to the data available online, the exchange saw as much as $500 million in daily trading volumes at the time.
Moreover, Binance is now ranked second after OKEx on Coinmarketcap in trading volume.
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