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Temporary Binance Cryptocurrency Exchange Trading Shutdown

By

Jeremy

Nation

WriterETHNews.com

Binance halted trading after a server issue caused a problem with its database, forcing a resync. The exchange has notified its customers that regular operations will resume Friday evening.

Binance users found themselves inadvertently holding during a trading suspension that began on the evening of February 7, 2018.

CEO Changpeng Zhao, who goes by CZ, informed his followers on Twitter that a malfunction had affected the cryptocurrency exchange's replica database server, forcing a full resync from the master. His tweet came shortly after a planned system upgrade announcement, which has since been taken down in the wake of the unforeseen maintenance.

In subsequent tweets addressing the issue, CZ maintained that no data was lost and that regular updates could be expected. The team initially anticipated a 10-hour sync time delay.

As time passed, however, the situation became more complicated, forcing the moratorium to be extended. The current estimate for resumption is 8 p.m. PST, Friday, February 9. To some traders, that's a lifetime.

At the onset of the trading freeze, rumors of hacking spread across the internet but were vehemently refuted by the company.

Binance has seen a surge in growth over the last year and syncing billions of records amounts to no small task. The CEO has said that all other account functionality will be restored 30 minutes before trading is scheduled to resume.

CZ did not immediately respond to requests for comment, but ETHNews will provide updates as they become available.

A previous version of this story asserted that users were given 30 minutes to perform withdrawals prior to the shutdown. It has been corrected to reflect that Binance intends to allow users the chance to withdrawal orders 30 minutes prior to re-enabling trading.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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