Sudden Stop of Trading on Binance Platform Leaves Customers in the Dark for 20 Minutes

  • Binance’s platform suddenly stopped all activity.
  • The Binance blog explained that the platform should be active within about three hours.

Binance has not had the best luck recently, and the platform went through a massive shutdown today. The community was naturally confused and shocked about the shutdown of the platform, which happened for over 20 minutes today. The community was left with no ability to trade on the website, but the Binance team made an announcement about 30 minutes after this stall was discovered.

The announcement said that Binance was planning to undergo “temporary system maintenance,” lasting for about three hours. During that time, the announcement told users that there would be no way to utilize the deposit, withdrawal, and trading functions at that time, and any incomplete deposits would be processed after the maintenance is performed.

On Twitter, the team also posted that the system had found “disk failure” happening at the time, which is why they shut down the crypto exchange. The company added that they would be providing updates, but the abrupt shutdown was not appreciated by users. One user even pointed out that the Binance tends to release these messages after the frees has already happened, calling attention to the recent hack.

Binance went through a very public hack in May, losing over $40 million in the process, which was all from the users. The investigation is still happening right now to determine exactly how Binance was left vulnerable to this kind of attack, and how it can be prevented in the future. With this recent shut down of the platform, there are some customers that voiced concern that the hack was happening again.

Still, with all of these comments, founder Changpeng Zhao commented as well, pointing out that this concern was handled “relatively quickly.” He added that the delays in communication came from attempting to coordinate with other members of the team at the wee hours of the morning, and that “we are still human.”

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