Binance Expected to Go Up Within Hours
A routine, but unannounced update took longer than expected, scaring investors.
Binance, one of the hottest new exchanges, frightened investors as the unexpected maintenance took longer than planned. This sparked fears of a hacking, as the exchange remained down for more than 36 hours. But recently, the Binance team announced they are almost done with the necessary procedures.
All of our engines are back online and we are processing data validation for pre-trading at the moment.— binance (@binance_2017) February 9, 2018
We hope to have an updated, accurate ETA to provide shortly. Thank you again for your patience; we are in the final stages of preparing the exchange for normal operations.
The exchange's chief, known as CZ, also tweeted to calm investors down:
All engines are back online. Doing a final data validation for pre-trading now. Will update ETA shortly.— CZ (@cz_binance) February 9, 2018
Binance will give a pre-announcement before trading resumes, as it stated in a recent update on the server maintenance and data recovery process:
"In the 30 minutes prior to the commencement of trading, users will be able to log-in, deposit, withdraw, cancel orders and use all other account related functions."
Binance still remains one of the most transparent and responsive exchanges, at least when it comes to large-scale crises. In the past, Binance has taken up efforts to refund ICO backers over the September Chinese ban of token sales.
Binance operates out of offices in Tokyo, and has not reported any regulatory pressure related to the recent stress tests of Japanese exchanges.
While the maintenance was underway, John McAfee expressed some doubts that the problem was routine, and not a security breech. But later, he backed up the official version:
Binance has suspended trading. The company claims that they are doing a system upgrade and will resume at 2:00 AM GMT Friday. While I have no hard evidence, rumours are flying among top crypto influencers that they may have been hacked. Will keep you informed.— John McAfee (@officialmcafee) February 8, 2018
But the breakdown of Binance has, in fact, created very little troubles, especially after the rather big market shakedown. At the moment, volatility on the crypto markets is on the lower side, and trading volumes remain low on all exchanges.
Only niche assets, like recently listed Bluzelle (BLZ) remain locked away from trading, as other coins rely on alternative markets. BLZ is currently frozen around $0.76.
Binance limited new accounts in December, and slowly brings new users on board. Very active trading days have shown the weaknesses of exchanges, where an influx of orders, and especially withdrawal demands, often lead to problems. So far, Kraken has received the most complaints for unexpected crashes and unannounced maintenance periods.