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Crypto Exchange Binance Suspends Trading Over 'Systems Messaging Error'
The Binance exchange said an outage was due to system maintenance prompted by a problem with a data feed.
Binance, the world’s largest cryptocurrency exchange by trading volume, suspended trading on Wednesday for more than six hours for "system maintenance.”
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The exchange, which has offices and corporate registrations in Malta, Seychelles, the Cayman Islands and elsewhere, resumed trading around 5:30 p.m. UTC (12:30 p.m. Eastern time), according to a notice on its website.
The exchange had alerted users earlier in the day that it suspended all deposits, withdrawals, spot trading, margin trading, person-to-person trading, lending, redemption and asset transfers from sub-accounts, margin accounts, futures accounts and wallets that hold government-issued or “fiat” currencies. Futures trading was unaffected, the exchange said.
During the Binance outage, rival cryptocurrency exchanges saw big jumps in trading orders, based on data from the website Coin360. According to the site, transaction volumes over the 24 hours through 12:36 p.m. ET jumped more than 50 percent on the Malta-based exchange OKEx and on London-based Bitstamp. Binance's 24-hour volume dropped by 31 percent during the period.
Josh Goodbody, Binance’s London-based director for growth and international business, told CoinDesk in a series of WhatsApp messages that there was an “issue with an engine that pushed data around the system.”
“It was a simple systems messaging error that we wanted to fix straightaway,” Goodbody said. “Main effect was balances were slow to update.”
It’s “definitely untrue” that the exchange suffered an internal hack, he said, referring to some posts on social media.
Binance CEO Changpeng "CZ" Zhao tweeted "all systems back to normal" at 12:57 p.m. New York time.
Hours earlier, Zhao tweeted that the exchange would “waive everyone’s margin interests for today.”
“Least we could do,” he wrote. “Will also run some big campaigns after we deploy the performance fixes.”
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing.
Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
