Binance Goes Offline, Traders Outraged

Hong Kong-based cryptocurrency exchange Binance has not been allowing any activity on its Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term 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.

A system maintenance is in progress, some users may experience a temporary decrease in exchange performance while this in underway.Thank you for your understanding.

— Binance (@binance) February 8, 2018

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

Due to an unforeseen slowdown in the speed of our data sync, we now estimate for all trading activity to resume at 2018/02/09 4AM (UTC). In the 30 minutes prior to the commencement of trading, users will be able to use utilize all other account related functions. https://t.co/ll1HgPslTU

— Binance (@binance) February 8, 2018

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.

https://twitter.com/cz_binance/status/961429082310258688

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.

https://twitter.com/cz_binance/status/961561605505822720

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term 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.

Binance has not been hacked. Please do not spread false information. If you want to keep updated on the status of our system upgrade you're welcome to follow @cz_binance or @binance_2017

— binance (@binance_2017) February 8, 2018