Binance Temporarily Suspends Trading on Technical Issue

Binance Temporarily Suspends Trading on Technical Issue

Binance, a leading cryptocurrency exchange located in Malta, has stopped trading on its platform to resolve a technical issue.

The company has stated that it halted most of its operations due to unplanned system maintenance.

However, the company reassured its users that Binance US was unaffected, and trading will resume shortly.

Binance co-founder Changpeng Zhao said on his twitter account:

 “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.”

Zhao has decided to waive the margin interest for today in an attempt to compensate traders for the breakdown.

On 17 February, Binance faced a technical issue. However, the company stated that it did not expect the number of users who were using the platform.

“Last week was a tough one. […] We had a number of performance issues, which negatively impacted the accessibility of our platform.”

The exchange promises to resolve the issues shortly, asking users who were impacted by such issues to contact the support.

However, many users expressed their worries on Twitter that the platform might have fallen victim to a hack, but there is no evidence supporting their claim.

Binance applies for license in Singapore

Yesterday, Cryptolydian reported that Binance has applied for an operating license in Singapore in an attempt to expand its user base.

Singapore Monetary Authority has recently opened its doors to cryptography as per the Payment Services Act. This legislation aims to control cryptocurrency payments and trading, using as a framework laws currently regulating conventional fiat payment services.

In a related context, local governments are still trying to decide how to regulate cryptocurrency exchanges as they are expanding into new markets.

The Payment Services Act is the first legislation of its kind in Singapore, aiming to regulate crypto trading and digital payments.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.