Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has temporarily shut down.
The shutdown was announced on Weibo, a Twitter-like service in China, and reported by The Block. At press time, the Binance website displays a notice that says the “system is under maintenance.”
The exchange has been inaccessible for more than two hours.
Binance has not yet responded to Decrypt’s request for comment. This article will be updated if and when they do.
Update: Binance has released an update that says it will resume trading at 04:00 UTC (12:00 AM ET) on February 9. Withdrawals and deposits will remain suspended during this time.
The announcement comes just a day after Binance announced that it would be launching a new platform called “Binance Chain” on February 20. The launch would be accompanied by a token sale of Binance Coin (BNB), the exchange’s native token, which would be used to power the new platform.
NOTE: WARNING: There is currently no evidence to support the rumor that Binance has shut down. This rumor appears to be false and unsubstantiated. If you see any information claiming otherwise, please verify the source before taking action. Additionally, please exercise caution when dealing with any cryptocurrency exchange and ensure you are aware of all relevant regulations.
It is not clear if the shutdown is related to the launch of Binance Chain. However, given the timing of the two events, it is possible that the exchange is simply overwhelmed by the amount of traffic it is receiving as users attempt to buy BNB in preparation for the token sale.
At this time, it is also unclear what caused the shutdown. Binance has not provided any details on the matter.
However, some users are reporting that they are unable to log in to their accounts or that their trades are not going through.
Update 2: Binance CEO Changpeng Zhao (CZ) has taken to Twitter to address the situation. He says that there was “a server downtime” and that the exchange is “working on it.
” He also says that all funds are safe and that there was no “hack or unauthorized access.”.
CZ later tweeted that trading would resume at 04:00 UTC (12:00 AM ET) on February 9.
did binance shut down? No definitive statement has been made but it appears that they may have just been overwhelmed with traffic due to their upcoming token sale.
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