Binance is Frozen Due to a System Failure: Traders are Unable to Process Trades
The leading cryptocurrency exchange Binance is facing an outage today. Because of its outage, most of the services available on the exchange are not working well and it seems that they have gotten frozen. Traders are worried about their funds.
Traders are struggling in processing their orders because spot trading is failing to process trades. Traders are unable to make trades or cancel their trades as spot trading is not working properly.
Binance is down?
— LilMoonLambo (@LilMoonLambo) March 4, 2020
The whole trading platform has slowed down because the platform is taking too much time to load anything. It seems that the crypto exchange has frozen all of the operations. People are asking about details of the outage. A Twitter user and crypto analyst, Michal van de Poppe addressed Binance CEO on Twitter demanding a statement from him.
Any news on the frozen Binance exchange?
It's 15 minutes already.
Thanks in advance,
— Michaël van de Poppe (@CryptoMichNL) March 4, 2020
Binance downtime issues are occurring more and more. In the previous month, users faced issues with placing their orders. They expressed their concerns regarding the services of the Binance exchange. Users reported that their orders and balances were not correct. They were worried as their balances and funds disappeared. However, Binance said as a response that this issue occurred due to high demand.
One user allegedly reported that a fraudulent trade was made through his Binance account. Binance issued an emergency statement in its response to these issues and said:
Binance is undergoing temporary system maintenance. Binance has suspended 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.
Binance CEO says it’s a system failure
The CEO of Binance Changpeng Zhao also passed a statement to calm down the users. He stated that it is a system failure. However, he assured traders that their funds are SAFU.