Binance Suspends Major Services Due to System Maintenance

Leading the cryptocurrency exchange, Binance has halted trading services on its platform due to “unscheduled” system maintenance. 

According to an official announcement today, the temporary system maintenance forced the exchange to suspend most of its trading services.  

“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,” the announcemnt reads.

Despite halting most of its services, Binance said its Futures trading platform is still working fine as it is currently using a separate “matching engine.” However, funds cannot be transferred between accounts at the moment. 

Binance founder and CEO Changpeng Zhao (CZ) confirmed the development via a tweet that the unscheduled maintenance was imperative due to the issues encountered with one of the exchange’s market data pushers. He added that the issue did not result in any data loss or corruption on its platform, except the market data. 

Crypto Prices Not Affected

The unplanned halt in trading services on the cryptocurrency exchange by trade volume is not affecting the price of the crypto marketCZ urged traders not to panic as the temporary system maintenance would not lead to the loss of funds while reassuring them that the exchange is working round the clock to resolve the issues and that it should be fixed “soon.” 

“While accurate ETAs are hard to give, we will make announcements and give time for order cancelations before trading resumes, at a specific announced time. No need to refresh constantly to see if trading has started,” CZ added. 

Binance is planning to waive traders’ margin of interest today as compensation for today’s unplanned maintenance.  Additionally, the exchange has promised to compensate its users by conducting some “big campaigns.” 

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