Leading cryptocurrency exchange, Binance has suspended almost all of its services, including trading, withdrawal, and deposits, to conduct unscheduled system maintenance, according to an official announcement from the exchange.
Binance Futures Not Affected
As per the notice, the services that have been paused are “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.”
While trading on Binance Futures will continue working during the maintenance, no funds can be transferred between products.
Funds Are SAFU
Although unscheduled maintenance like this always has a way of causing panic among crypto traders, Changpeng Zhao has informed users that balances are intact. Funds are safe; thus, no need to worry.
According to CZ, one of the market data pushers had issues. However, no other data has been lost or corrupted apart from market data. They are currently working to resolve the problem, but it is hard to tell precisely how long the maintenance would take. They have completed roughly 5/8 of process, Zhao said.
Users will be notified and given time to cancel their orders before trading commences, so there is no need to continuously refresh their accounts to see if trading has resumed.
“While accurate ETAs are hard to give. We will make announcements and give time for order cancellations before trading resumes at a specific announced time. No need to refresh constantly to see if trading has started,” CZ tweeted.
So far, the cryptocurrency market remains unaffected by this news as coins continue to gather positive momentum for a bull run. This could be an indication that the market is maturing, considering that Binance is the biggest crypto exchange in the world.
It’s also worth noting that Binance will waive the margin interest for today’s trades.
We will waive everyone’s margin interests for today. Least we could do.
Will also run some big campaigns after we deploy the performance fixes. http://t.co/WUMMDeBMAE
— CZ Binance 🔶🔶🔶 (@cz_binance) February 19, 2020
UPDATE: As of February 19, 2020, at 17:30 UTC Binance had resumed trading and as of writing these lines everything seems to be working as usual on the leading exchange.