Did the Binance black-out pull the Bitcoin price down with it?
By Max Steadman – Cryptocurrency Enthusiast
One of the biggest cryptocurrency trading platforms, Binance, unexpectedly went down and left its spot users spooked due to temporary system maintenance. According to Twitter and those who experienced this temporary halt of service, account access and basic order requests were not functioning as they should.
Binance addressed their network issues and clarified that the platform was undergoing essential maintenance. Due to the unforeseen framework maintenance, Binance suspended close to all its crypto asset management services, including withdrawals and deposits, spot and margin trading, P2P exchanges, redemption, as well as other services.
Binance CEO Changpeng Zhao assured those buying and selling Bitcoin on the exchange that the issues were associated with their middleware message broker, a software protocol unrelated to customer funds. Zhao announced on Twitter “System issue, not funds related. Funds are #SAFU.”
While his statement appears transparent and suggests a readiness to keep users and the community informed, Zhao received a considerable volume of negative responses. Those investing in cryptocurrency on the platform were disappointed by yet another technical issue, referencing an unscheduled maintenance period less than 4 weeks previously.