Towards mid-day of Wednesday, February 19, 2020, CEO of Binance cryptocurrency exchange, Changpeng Zhao (CZ) announced unscheduled system maintenance that Binance was undergoing. And due to the said maintenance issues, trading activities were said to have been paused until further notice.
As at the time of writing this piece, the undescribed maintenance effort was still in progress as the CEO of Binance keeps updating its customers with the situation report. As Binance Pauses Trading, CZ in his series of tweets maintains that the maintenance process does not affect its futures trading platform and that normal trading activities are actively ongoing there.
The CEO notes that Binance’s peer-to-peer (P2P) and most other trading services have been paused, while its futures trading platform is still working using a separate order matching engine.
In a separate statement, Binance said it has suspended deposits, withdrawals, spot trading, margin trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.
Binance Pauses Trading But Funds Are Safu
Binance boss, Changpeng Zhao explains that systems upgrades are unavoidable and the present one which results in no loss of funds or data is due to issues with one of Binance’s market pushers.
“Funds are #SAFU. No need to panic,” he said, reassuring traders that the exchange is working to resolve the issues and that it should be fixed “soon.”
“Roughly 5/8 of the way there. But estimates are not 1:1 accurate to the time. Balances etc are all intact. The only affected part is the market data,” CZ added.
CZ Promises Time For Order Cancellation Before Trading Resumes
A couple of hours into the situation, just as the community began to respond with varying magnitudes of understanding, CZ took to Twitter again. This time, he assures Binance customers that the exchange plans to make official announcements regarding issues and when trading can resume. In the meanwhile, he maintained that time will be given for cancellation of orders before trading resumes again at a then undisclosed time. According to CZ,
“We will give 20-30 minutes of time to cancel orders when systems are all back online, before trading, as we typically do for maintenances.
A lot of our new users may not know this yet.
Probably another 45-90 minutes to go. Very rough estimate, don’t know how accurate it is.”
Binance Customers Get Margin Interests Waiver
As Binance Pauses Trading, a community member responded in a quite critical manner, asking if borrowed funds would accrue interests during the downtime. As a response, CZ announces a waiver for everyone’s margin interests for today! According to CZ,
Binance Trading Now Live!
After shutting down the trading for almost hours, Binance opened trading at around 5:30 p.m. UTC (12:30 p.m. Eastern time). Binance CEO CZ announced this in a series of tweets that came as a relief to the users.
Binance exchange has recovered from the unscheduled maintenance because of the constant communication through social media. The result being a surge in trading on the exchange as soon as Binance resumed trading.