It was announced that the crypto currency exchange Binance collapsed, while the price of Bitcoin (BTC) fell below $ 23,000. Binance CEO Changpeng Zhao said, “The money is safe!” gave the message. Explaining that they are trying to solve the problem, Zhao announced that this process could take half an hour to an hour.
Binance, the world’s largest crypto currency exchange in terms of trading volume, announced a technical malfunction in the platform. Binance CEO Changpeng Zhao identified this primarily as an API-driven problem.
What is happening with Binance?
Binance CEO announced that there is a problem with the exchange’s matching mechanism. Binance’s security team decided to halt their matching activities after identifying the problem. Changpeng Zhao announced that they are trying to solve this problem and maintenance work can continue for 30-60 minutes. Zhao also stated that this period may be longer depending on the situation.
Due to this malfunction experienced by the crypto money giant, there was a problem of accessing coin prices on the platform. The matching engine used in spot markets has been put into maintenance mode for now. The deposit / withdrawal transactions in the stock exchange were suspended. Margin, OTC, P2P, Earn, Liquidty Swap, Launchpool and Cloud services were also stopped.
Are the coins safe?
According to the statement made by the Binance manager, the exchange’s wallets were not affected by this problem in any way. Zhao, who made a statement on his Twitter account, “Funds are SAFU”, gave the message that the money kept in the exchange is safe.
Transactions will be reopened gradually after the maintenance work on the exchange is over. Users will be given 30 minutes to cancel existing trading orders, deposit and / or withdraw money before trading transactions in the exchange continue in their normal course.