Binance suspends service for maintenance

Crypto exchange giant Binance suspends service citing database issues
08 February 2018   383

Just this morning one of the largest crypto exchanges Binance suspended its service for 12 hours to resolve the issues with their server database.

Instantly rumors about another hack started circulating on the net. When worried clients started bombarding support with questing about it, Binance support sent out a tweet about it. They said, that the database cluster was out of sync and had to be resynchronized from the master, which will take some time due to the size of the data. And no trading data will be lost, so it seems.

Following the tweet, Binance support page had a notice posted with details – System Upgrade Extension was the title. Nothing's too bad, it seems. The upgrades and repairs are in progress and are scheduled to end by 2 PM (UTC). Support cites increased user activity and trading volumes as the reason for extending system upgrade time beyond just regular maintenance.

Also, if everything is done ahead of schedule, further notice will be released. If not, then all the trading operations and withdrawals will be suspended until the deadline of 2 PM.

This outage may worry a lot of traders, especially those who suffered because of the recent hack in Japan, but Binance team has assured that everything is under control. Binance is one of the largest crypto exchanges in the world with over $2 billion 24-hour trade volume, so more than everything else their reputation is at stake. Let's hope they don't disappoint.

Binance to Deny Sequoia's Accusations

"Mr. Zhao denies all of Sequoia's allegations relating to the present dispute", Binance said
26 April 2018   62

Changpeng Zhao, founder of Binance, one of the largest exchanges, denies the accusations of exclusive rights violating, brought against him by the venture company Sequoia Capital, because of the failed deal.

Sequoia Capital negotiated with Binance on investments since August 2017, however in December Zhao informed the company that the amount proposed to it does not meet the expectations of Binance shareholders. Together with this, Zhao negotiated with IDG Capital, which offered a significantly larger amount.

Mr. Zhao denies all of Sequoia's allegations relating to the present dispute. As the substantive issues in dispute between the parties are subject to confidential arbitration proceedings, Mr. Zhao will make no further comment on the matter.

Binance Statement

Although the Hong Kong court had previously banned Zhao from negotiating with other potential investors, Binance reported that this ruling was unfounded.

Sequoia obtained an ex parte injunction without notice against Mr. Zhao at the end of December 2017. After a hearing attended by both parties' legal representatives in April 2018, the High Court of Hong Kong has now determined that this injunction should not have been granted, as it had been improperly obtained and constituted an abuse of process by [Sequoia].

Binance Statement

Although it did not offer any details on the next stage of the lawsuit, the exchange said Sequoia has been ordered to pay Zhao's costs in relation to the legal proceedings