Binance downtime spooks crypto traders, exchange is offline more than 12 hours
|- Binance administration claims that technical issues caused the stoppage
- Traders are worried about the quotes after the exchange resumes the operations
Binance, one of the largest cryptocurrency exchanges in the world went offline several hours ago, and it is still unavailable for trading due to maintenance works.
The company representative posted the announcement on official Binance Twitter account citing some server issues. Later Zhao ChengPeng, the CEO of the Exchange and one of the richest people of crypto space according to Forbes, personally addressed to the platform users to explain that the situation and dispel worries about hack attacks.
"We experienced a server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from master. Due the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support."
Two hours later he made another announcement stating that may take another 10 hours. The Exchange is supposed to return online by 2 pm GMT and users keep their fingers crossed for this to happen as planned. Let us not forget, that in January Kraken routine maintenance dragged on for three days instead of several hours.
Users expressed concern about the prices that will be quoted once the exchange comes back, but the Binance administration promised to give them half an hour to cancel orders before the trading resumes.
Short note
Binance is one of the most popular cryptocurrency exchanges in the world famous for its relatively low trading fee and fast transaction processing. According to Coinmarketcap, it is on the third place based on average daily volumes
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