The crypto currency exchange Binance has started to experience technical problems due to the heavy traffic. Binance CEO said in his statement that they received “the biggest traffic of all time”. While some transactions were delayed, ETH transfers were suspended.
Bitcoin lost thousands of dollars in value after the afternoon drop. A total of more than $ 100 billion was deleted from the crypto money market. Meanwhile, Binance, the largest exchange in terms of trading volume, began to experience some technical problems.
Trying to solve the problem
The mobility in the crypto money market has mobilized investors. Binance CEO Changpeng Zhao announced that they are getting more traffic than ever before. Comparing this with the previous record, Zhao said there was a “50 percent difference”.
Stating that the infrastructure of the stock exchange is running smoothly, Zhao said; explained that there is a problem with some APIs used for spot and futures. It has been stated that there are some delays in Spot APIs and these delays have been fixed for now.
Stating that the problem on the futures side is still continuing, Zhao stated that they are trying to solve the problem.
Ethereum ceased transactions
Zhao talked about the congestion on the Ethereum network 10 minutes after posting this post. Explaining that the network was congested, Zhao announced that the gas cost has increased to over 1,200. For this reason, the exchange has decided to temporarily halt Ethereum withdrawals.