Binance suspends trading Due to System Upgrade
Binance claimed they were not hacked after a system upgrade of a large exchange of transactions and withdrawal of funds from customers on the largest cryptocurrency exchanges in the world.
Also Read: Binance Exchange Disables New User Registrations
The depth of the system problems at the exchange based in Hong Kong at 2:20 GMT. An official announcement told traders due to major increase in users and business activity, it is necessary to expand the system.
It is expected that it will be completed 14 hours GMT, but withdrawals and trading would be suspended. "However, around 1:07pm GMT, Binance was forced to substantially push back its trade recovery target to Friday at 4:00am GMT.
Zhao Changpeng, chief executive, said on Twitter that Binance has encountered a server problem on our replication database, which has caused the resynchronization of some data, forcing the exchange to resynchronize completely. He added that "no data is lost".
Zhao said to users on Twitter, “we have not been hacked, Just working with large data takes time”.
Binance, like other exchanges of digital concepts, experience rapid growth. Mr. Zhao told Bloomberg Television in mid-January that the exchange added to "two million" users.
Cryptocurrencies rebounded on the last days of a selloff. Bitcoin, the most traded coin, a 12.8% advance on the Bitstamp trade at $ 8,569, after being traded at $ 5,920.72 earlier this week. It exceeded $ 19,000 by the end of 2017.