Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been down for over two hours amid a major system upgrade.
The downtime, which began at around 02:00 UTC on Wednesday, is part of the exchange’s regularly scheduled quarterly “system upgrade.” However, the prolonged nature of the outage has left many users frustrated, with some even speculating that the exchange may have been hacked.
At the time of writing, Binance is still down and there is no word on when it will be back up and running. This is not the first time that Binance has suffered from extended downtime, as the exchange was also down for several hours in January 2018 due to “unscheduled maintenance.”
NOTE: WARNING: Binance is a cryptocurrency trading platform that has been known to experience outages due to heavy traffic and other technical issues. While the platform is generally considered safe, it is important to be aware that it can crash without warning due to these issues. Before trading on Binance, make sure you understand the risks and take steps to protect yourself.
The current outage comes at a time when the cryptocurrency market is in a state of flux, with Bitcoin (BTC) and Ethereum (ETH) both seeing their prices fluctuate wildly over the past 24 hours. It also comes just a day after Binance announced that it would be adding support for Ethereum Classic (ETC) on its platform.
The prolonged downtime of Binance has caused many users to lose faith in the platform. Some have even taken to social media to express their frustration, with one user calling the exchange a “scam” and another saying that they have lost “all faith” in Binance.
It is still unclear what has caused the current outage on Binance, but it is sure to cause further damage to the reputation of an exchange that has already been marred by extended periods of downtime in the past.
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