post-title Crypto Exchange Binance Suspends Trading Over ‘Systems Messaging Error’

Crypto Exchange Binance Suspends Trading Over ‘Systems Messaging Error’

Crypto Exchange Binance Suspends Trading Over ‘Systems Messaging Error’
Cryptocurrencies News ,

Binance, the world’s largest cryptocurrency exchange by trading volume, suspended trading on Wednesday, alerting users of an outage due to “temporary system maintenance.” 

The exchange has suspended deposits, withdrawals, spot trading, margin trading, person-to-person trading, lending, redemption and asset transfers from sub-accounts, margin accounts, futures accounts and wallets that hold government-issued or “fiat” currencies, according to a notice posted on the company’s website

Futures trading is unaffected, the exchange said. 

Josh Goodbody, Binance’s London-based director for growth and international business, told CoinDesk in a series of WhatsApp messages there was an “issue with an engine that pushed data around the system.”

“It was a simple systems messaging error that we wanted to fix straightaway,” Goodbody said. “Main effect was balances were slow to update.”

It’s “definitely untrue” that the exchange had suffered an internal hack, he said, referring to some posts on social media. 

Binance CEO Changpeng “CZ” Zhao tweeted at 13:38 UTC there was “probably another 45-90 minutes to go” before trading resumes, while noting that was a “very rough estimate, don’t know how accurate it is.” 

Just before publishing time, another tweet said systems were about to be restored “in minutes.”

In a separate post, Zhao said the exchange would “waive everyone’s margin interests for today.”

“Least we could do,” he wrote. “Will also run some big campaigns after we deploy the performance fixes.” 

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About Juan Rodulfo

Defined by Nature: Planet Earth Habitant, Human, Son of Eladio Rodulfo & Briceida Moya, Brother of Gabriela, Gustavo & Katiuska, Father of Gabriel & Sofia; Defined by the Society: Venezuelan Citizen (Human Rights Limited by default), Friend of many, Enemy of few, Neighbor, Student/Teacher/Student, Worker/Supervisor/Manager/Leader/Worker, Husband of Katty/ Ex-Husband of K/Husband of Yohana; Defined by the US Immigration System: Legal Alien; Defined by the Gig Economy: Independent Contractor Form 1099; Studies in classroom: Master Degree in Human Resources Management, English, Chinese Mandarin; Studies at the real world: Human Behavior; Studies at home: Webmaster SEO, Graphic Web Apps Design, Internet & Social Media Marketing, Video Production, You Tube Branding, Trading, Import-Exports, Affiliate Marketing, Cooking, Laundry, Home Cleaning; Work experience: Public-Private-Entrepreneur Sectors; Other Definitions: Bitcoin Evangelist, Human Rights Peace and Love Advocate. Author of: Why Maslow: How to use his theory to stay in Power Forever (EN/SP); Asylum Seekers (EN/SP); Manual for Gorillas: 9 Rules to be the “Fer-pect” Dictator (EN/SP); Why you must Play the Lottery (EN/SP); Para Español Oprima #2: Speaking Spanish in Times of Xenophobia (EN/SP). Social Media profiles: Twitter/FB/Instagram/VK/Linkedin/Sina Weibo: @rodulfox
%d bloggers like this: