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Binance is Stopping Trading and Withdrawal of Funds Due to a Server Problem

Binance is the second biggest cryptocurrency exchange in the world when it comes to the trading volume, according CoinMarketCap. A few days ago, Changpeng Zhao, the CEO of Binance, posted a tweet where he explained the cryptocurrency exchange experienced a fault on their server and that it could be resolved in a few hours without any data loss: “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 after the first tweet, Zhao posted another one saying the time frame for the resolution of the problem would be around 10 hours and apologizing to the clients: “Sorry guys, not something we want either.  We didn’t have a choice, other than trying to fix it as soon as possible for our users.  One of our team literally threw up after the calculation arrived at 10 hours.”

A US cryptocurrency exchange called Kraken experienced a similar unexpected delays in January, when the two-hour scheduled update of the system became a two-day delay, until the exchange was back online.

According to the official Twitter account of Binance, the trading activity would continue on February 9th. The users would have 30 minutes before the trading starts to begin creating withdrawal requests.

At the same time, the CEO of Binance denied the allegations that the exchange suffered a hacker attack by posting a photo of the error on Twitter to prove his claim.

Binance received a large number of new users lately, with over 250,000 new users in one day, on January 4th. This number went up to 240,000 new users in just one hour on January 13th. Because of this huge influx of new users, the company had to temporarily stop new registrations.

In the middle of January, Binance was the biggest cryptocurrency exchange in the world, with five billion dollars of daily trading volume at one point. OKEx is currently the biggest exchange in the world, with 3.5 billion dollars of daily trading volume, according to CoinMarketCap. The current trading volume of Binance is around 2.1 billion dollars in 24 hours.

 

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