Binance Exchange was unavailable for users for around 30 minutes on 20 October, Tuesday, which created quite an uproar in the crypto markets as traders could not access their accounts. The company cited technical difficulties in the system due to which the accounts were not accessible, and the exchange was temporary out of service
Binance Outage Due to Gateway Issues
Performances of the cryptocurrency exchange have debilitated on a few occasions in the past, too, when a lot of activity takes place in Bitcoin as price movement leads to higher demand.
Bitcoin has seen a surge of 2.5 percent as it reaches a massive high of 12000 USD.
Binance usually keeps its technical aspects in checks, however it has been noticed numerous times that inconsistencies take place from a hike in Bitcoin volume. Earlier also performance issues were reported when humongous amounts of Bitcoin transactions took place. Last month as well, crypto investors took to Twitter to highlight an issue when the exchange failed. A lot of users experienced difficulties in accessing the exchange via a web browser or the mobile app.
While the outage was reported for half an hour only, in the dynamic world of crypto trading, every minute counts. The trading community was slightly panic-stricken, anticipating something major, and the inability to access their accounts made them panic.
CZ to the Rescue
The CEO of the exchange Changpeng Zhao better known as CZ, took stock of the situation himself and notified the Binance community that the Binance Outage was due to some gateway errors. He also noted that the outage of the crypto exchange was only in some regions and for a short duration of time as the team was trying to fix the technical fault. CZ as often was quick,transparent and affirmative in handling the situation, calming the users that there is no real danger to their funds and crypto-assets.
Binance trading is now active and online, while Bitcoin at the time of writing is at post $12,000 levels of $12,220.