Trading in Binance has been paused for unscheduled maintenance.
To quell speculations of a hack, its CEO, Changpeng Zhao has assured the community that funds on the trading platform are safe.
The error, according to the CEO, was because one of their partners had an issue with data transmission.
Its matching engine is okay and there has been no corruption of any form.
“Unscheduled system maintenance. Trading paused. Working on it. Funds are #SAFU. No need to panic. One of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon.”
Unscheduled system maintenance. Trading paused. Working on it.
— CZ Binance 🔶🔶🔶 (@cz_binance) February 19, 2020
It must be noted that in May 2019, Binance, which is touted as the largest cryptocurrency trading platform by trading volumes, was hacked and $41 million worth of Bitcoin (BTC) stolen.
Preceding the exchange’s admission was an unscheduled or unplanned maintenance.
Often, and this is considering past announcements not only at Binance but at exchanges that have been breached, such unscheduled maintenance patches, are meant to arrest high level errors.However, the first thing the exchange does is to announce an unscheduled maintenance for damage control.
Such errors are consequential if not addressed as soon as they appear.
A statement from the exchange reads:
“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. Please note that trading on Binance Futures will continue unaffected during the maintenance period.”
We’ll update this story as it develops