One of the largest and most rapidly growing exchanges, the Binance cryptocurrency exchange is not available for several hours due to the technical work being done on the site.
Initially, information about the short-term update of the system appeared in the blog and Twitter of the company, and it was only a question of possible reduction in site performance, and not about the complete cessation of access to it. This message deceived traders, because by the time of its publication, they could no longer perform any operations.
Two hours after the start of the work, Binance wrote in its blog:
“Due to a significant increase in the number of users and trading activity, Binance will have to extend the system update time. The work should be completed by 2PM (UTC) (note – 17:00 GMT). “
Later, Binance CEO Changpeng Zhao, who was recently included in the list of the richest people of crypto space by Forbes, addressed the platform users personally. According to him, the exchange had difficulties in copying data, which require the database to be synchronized again from the main node. Due to the size of the base, it may take several hours to synchronize. He also clarified that in the process no data was lost.
Around 8:00 GMT, Zhao published another message warning that the synchronization of the database could take another 10 hours. In connection with the protracted update, Binance will give traders half an hour to cancel their orders before the trade is resumed.
While the Binance exchange is under maintenance, the OKEx, the Hong Kong trading platform, which once belonged to one of the largest exchanges in China, OKCoin, took the first place in terms of daily trading volume.
Recall that in January, technical work on the Kraken exchange, which had to last several hours, lasted almost three days.