Around twenty minutes ago, crypto traders across Twitter started to report on Twitter that services at Binance weren’t working.
“Any news on the frozen Binance exchange? It’s 15 minutes already,” Van De Poppe wrote, adding in a later tweet that his data shows that the Bitcoin-to-Tether trading pair had not printed a single trade or data point for fifteen minutes.
Any news on the frozen Binance exchange?
It’s 15 minutes already.
Thanks in advance,
— Crypto Michaël (@CryptoMichNL) March 4, 2020
Others echoed these concerns, noting how other cryptocurrencies had also ceased trading, as had other parts of Binance’s roster of products.
Don’t Worry, Binance CEO Affirms
According to an update from CZ, though, trading has been “paused due to a message broker issue,” before adding that his team is “working on it” as he wrote the tweet. For the time being, nearly all services on Binance have been suspended, as a support post explains:
“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.”
Trading paused due to a message broker issue. Working on it.
— CZ Binance 🔶🔶🔶 (@cz_binance) March 4, 2020
While some have been worried about the safety of the crypto stored on the exchange, CZ later confirmed that as this is not a funds issue, “funds are SAFU.”
Crypto Exchanges Have Been Having All Sorts of Problems
It’s an industry-wide issue, then, that exchanges have been struggling with maintaining 100% uptime over recent weeks.
Data from the site showed that the site response time and data throughput started to vary dramatically at 6:40 am GMT, eventually reaching a point where the site crashed around 8:00 am GMT, spurring the exchange to respond. About an hour after it began investigating the attack, services for the exchange came back online.
This came a day after OKEx, one of the largest Bitcoin exchanges in Asia, reported a DDoS attack that didn’t affect any users. OKEx’s CEO accused a “competitor” of launching the attack.
The DDoS attacks are decisively different than Binance’s message broker issue, which left the site online but trading services down.
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