On Monday, Binance, the world’s largest crypto exchange, reported that the platform has registered some issues affecting futures users. After about an hour and a half, it was reported that the problem was solved. Here are the details…
Binance users were impressed for a while
A few hours ago, Binance CEO Changpeng Zhao (CZ) stated that the exchange is facing several issues affecting its Futures UM Rest service/API as well as its UI and API. He added that futures CM (COIN-Marginal) contracts are not affected by turbulence. However, only UM (USD-Margined) contracts are reportedly affected. As a result, CZ apologized to users for the problem and reiterated that the issue only affects USD margin contracts. In other words, he stated that there is no problem with coin margins.
CZ noted that the affected systems are now back to normal. He added that there are some inconvenient server issues. However, he reported that they have now changed the affected servers. The CEO said, “The system is back to normal. The cause of the problem was the server problem we had before. Servers have been changed. Thanks for your support,” he said. The crypto market has not shown any dips so far. The value of the total crypto market increased by 1.15% in the past day to reach $1.18 trillion. Bitcoin, the world’s largest crypto price, has increased by 1.4 percent in the last 24 hours. BTC is currently changing hands at $ 28,311.
The stock market also faced problems in the past few days.
Binance frequently reports on events that disrupt trading. a few weeks ago cryptocoin.com As we have also reported, it has temporarily suspended all spot trading on the platform. At this point it was detected that a match engine encountered an error in the stop command. With this problem affecting spot trade, the stock market was able to open the suspended trade 2 hours later. At the time, Binance’s suspension of trading had wiped out $1,000 from the BTC price. However, as we reported above, there was no major price change after the last announcement.
Also, after facing a lawsuit from the US Commodity Futures Trading Commission (CFTC), Binance took a big hit from the Australian authorities. CZ has announced that Binance Australia’s derivatives license has been revoked by a recent official order. He added that the spot exchange will continue to operate in the country.
Binance is a cryptocurrency exchange platform founded by Changpeng Zhao in 2017. Binance has quickly become one of the most popular exchanges due to its user-friendly interface, high liquidity and low transaction fees. The platform offers a wide variety of trading pairs, including Bitcoin, Ethereum and many other cryptocurrencies. In addition to spot trading services, Binance also offers a variety of other products and services such as futures trading, margin trading, staking and lending.
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