One aspect of the crypto industry that will always make news is the issue of cryptocurrency exchanges. Cryptocurrency exchanges are one of the most important aspects of the crypto industry as they are the means through which most people are able to buy and sell cryptocurrency. There are a number of very dominant crypto exchanges such as Binance and these are responsible for a huge volume of cryptocurrency movement around the globe. As a result, the happenings within crypto exchanges often reflective of the industry in general and should anything go wrong such as a hack or technical issue, the cryptocurrency of up to millions of people could be held to ransom.
On February 19, 2020, Bina’s experience done on schedule system maintenance and was forced to suspend activities in order to deal with some technical issues relating to his infrastructure.
Due to this unscheduled maintenance on Binance, “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” were not able to take place using the platform and this affected millions of users. It should be noted, however, that some of their sister exchanges such as Binance US were not affected by this unscheduled maintenance.
Binance CEO Changpeng Zhao took to Twitter to clarify the situation for users and explained that some market data pushers were experiencing an issue that led to the unscheduled maintenance. He was quick to clarify, however, that the matching engine did not suffer from any issues and so no funds were lost.
“One of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon,” CZ tweeted.
In an attempt to make up for the issue, CZ stated that trading margin interests for the day would be suspended and apologized for the issue. This is not the only problem that Binance has faced in the last month is just two days prior, a paper was released which stated that Binance had not anticipated the sheer number of people who would be making use of their platform in recent times.