Binance suspends service for maintenance

Crypto exchange giant Binance suspends service citing database issues
08 February 2018   726

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 Start New Fiat Exchange Beta Test

As reported, CEO of the exchange had announced the new platform at event in Singapore
17 September 2018   151

On Tuesday, September 18, Binance will launch closed beta testing of a new trading platform with support for Fiat in Singapore.

The corresponding statement of the head of Binance Changpeng Zhao made on Twitter.

I just slipped that we will begin Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting!

Changpeng Zhao

Founder, Binance

Other details of the new Binance initiative have not yet been disclosed, but it can be assumed that the new exchange will support the Singapore dollar.

As Finance Magnates clarifies, Changpeng Zhao also reported on the launch of the new platform at the blockchaain conference in Singapore, where co-founder and CEO of the Gemini exchange Tyler Winklewoss also attended.

Last week Binance signed a memorandum of understanding with the Stock Exchange of Malta, under which a platform will be launched to trade tokens with the properties of securities.