Binance has suspended most of its services, citing “unscheduled” system maintenance.
A statement from the crypto exchange released earlier today informed Binance customers that the leading cryptocurrency exchange was halting services across most of its offerings.
Halted services include spot trading, deposits, and withdrawals and margin trading. Users would not access these services until after the maintenance. Also paused are P2P trading, lending, and redemption. Customers cannot also transfer assets from their sub-accounts and margin accounts.
While most services have been suspended, Binance has said that trading on its Binance Futures isn’t affected and will continue to work during the maintenance. However, as notified to customers, users will not be able to transfer funds between products.
Binance Says Funds are ‘SAFU’
Binance CEO Changpeng Zhao also tweeted about the move, assuring customers that their funds were safe. According to Zhao, also known as CZ, all user balances are intact and customers should not panic.
CZ noted that the unplanned maintenance was occasioned by a number of issues related to the platform’s market data pushers. Other than that, Changpeng tweeted, nothing else or no other data had been lost or corrupted.
Binance has assured users that its team is working on the issue and expects the issues to be resolved as soon as possible. According to Zhao, the “fix” was “roughly 5/8 of the way” done. However, Binance cannot confirm exactly when the issues will be resolved.
The exchange has notified its user community that an announcement will be made when the issues are fixed. Customers will then be allowed enough time to cancel orders “before trading resumes at a specific announced time,” Changepeng said in a tweet.
Binance has indicated that it will waive all margin interests for all customers as well as run “big campaigns” once the fix is done.
Binance has halted trading before, but this will still raise eyebrows among crypto users. At the time of writing, news of the Binance pause in trading services appears not to have impacted the cryptocurrency market. Most of the top 10 cryptocurrencies are trading in the green, with Bitcoin (BTC) holding up above $10k.
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