To the dismay of many, Binance, one of the biggest cryptocurrency exchanges in the world and the world’s fastest growing startup has been offline for several hours. Amidst the sudden shock, the CEO of Binance left a tweet stating that there will be a further 10 hour delay before the exchange is brought back online. Before that happens there will be a 30 minute window that will allow people to draw out their funds.
Changpeng Zhao, Binance CEO and the Binance development team have announced that the shutdown was due to server issue. The Binance team also left this message, “Due to a significant increase in users and trading activity, Binance will need to extend the System upgrade and is expected to be completed by 2PM (UTC),”
They further stated that, “Withdrawals and trading during this period will remain suspended. We apologize for any inconvenience caused and thank you for your patience.”
Traders and investors were met with great confusion upon the exchanges original announcement. They explained that they were having some maintenance issues and that trades may see a decrease in their exchange performance. You can only imagine the kind of effect this would have on some people.
Traders were frustrated and nervous when all this was announced. The problem was only described as maintenance which left a lot of investors and traders in the dark as to what was going on with their funds. That said, Changpeng Zhao left a tweet that more thoroughly explained the issues that they were having. “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.”
During this period, OKCoin, a trading platform based in Hong Kong has taken the spot as the number one trading platform in the world.