Binance CEO Talks Rising Order Volumes on Exchange Being Higher Than Peak Bitcoin Bull Run

This Wednesday saw Binance suffering an unusual lag on its server which deeply affected trading on the exchange. Their CEO Changpeng Zhao acknowledged the issue and said that their team is working to resolve the issue as soon as possible.

People have reported having lost thousands of dollars because of this technical malfunction.

Another user expressed concerns over what might happen if Bitcoin surpasses its former price records:

“hopefully this doesn’t occur when $btc is above 30k…could be an even bigger issue,”

@Yo_Dez said.

Although Zhao said that the problem did not affect API users, which largely consist of trading bots and software. Traders who manually enter their trades into the platform were the ones who displayed the brunt of the problem.

After a few hours, Binance’s team confirmed that the platform had returned to normal, although there was a backlog of transactions to be processed.

CZ even confirmed the technical issues in his Twitter account and said that the tech team was working on them. He explained the problem by extraordinary high trading volumes registered on the exchange.

“We are seeing much higher order volumes (number of orders) than Dec 2017/Jan 2018 (the peak). Trade (not order) volume in USD is 1/3 of the peak, but BTC price is 1/3 and ETH price is only 1/5 of the last peak, most other main alt prices are even lower,”

he tweeted.

The exchange will handle the unintended losses incurred by traders, but the amounts pale in comparison with the amounts lost in recent security breach incident. Many say that these backlogs are the reason for today's Bitcoin selloff.

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