Binance Faces Technical Issue; CEO Reassures Clients

Crypto Exchange Binance Faces Technical Issue

The most popular crypto exchange Binance has announced today experiencing an issue with its DNS service provider.

“We are working on fixing the issue ASAP,” CEO Changpeng Zhao (CZ) said on his Twitter account.

Commenting on the breakdown, CZ said:

“You can access our backup site at http://binancezh.com in the meantime, maybe a little slower. But everything should work.”

The CEO also reassured clients, saying, “DNS should be restored now and propagating.”

Users express worries

CZ’s +503 thousand followers replied to his tweet, with some expressing worries. A follower naming himself ‘Drago’ said, “How are my funds SAFU when theyre dropping and I cant close my positions!?”

In his response to the tweet, Thalal Gasea also asked if the company has a problem with liquidity, adding if such issue occurs again in less than a year, it will be out of business.

Binance launches Bitcoin Options  

Binance has officially rolled out Bitcoin options on its Binance Futures platform.

In a press release, the company said the function is currently available on the exchange’s mobile app. 

Zhao said:

“Options contract is a much-anticipated product, allowing the traders and miners to effectively buy insurance on their positions and for speculators to take advantage of the market movements as well. There are more features and products in the pipeline.”

Options provide traders the chance to purchase a right to buy (a call option) or sell (a put option) on at a certain “strike price.”

The platform also offers the American version of the derivative, through which traders may execute their rights at any time before or at the expiry date.

Binance to list Solana

The Malta-based exchange has announced last week that it will list its Solana (SOL) crypto project soon.

The company added that it would launch a bounty promotion for SOL worth $50,000.

Binance stated on its website that the rewards will be distributed in the form of SOL tokens, and the listing fees would be zero.

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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.