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Binance Exchange Down Again; What Is Happening?

2 min read

Binance exchange seems to keep hitting nags. Just days after the exchange announced delays in its order books, now it has announced that it is making an unscheduled trading pause. This has been confirmed by the exchange CEO. But no need to worry.

The CEO has added that users’ assets are in “SAFU”, the “Secure Asset Fund for Users”. This is initiated by exchanges in time of risks. So while the CEO is saying we should not worry, some are quite concerned.

Binance Exchange Hack?

Currently, Investors are worried when any exchange makes an unexpected pause. This is because exchange hacks have made a comeback. As we reported, just a few days ago, bZx was hacked, twice, and ETH worth nearly $1 million stolen.

This was a small hit given previous hacks. But it has been an important reminder that hackers have their eyes on the market. Binance which has grown to be one of the biggest crypto exchanges in the world would be an ideal exchange for them to make away with millions.

The disruption on the Binance exchange has not been confirmed as anything more than a maintenance procedure. The CEO sent out this tweet:

This the exchange CEO states will be fixed soon and traders should not panic. Of course, there are those who will panic but we hope the wider market will hold it together.

Binance’s More Money More Problems

Some investors and analysts are however more concerned with the exchanges inconsistency rather than the potential of a hack. A few weeks ago, the exchange announced that the exchange was experiencing a delay in their order books. This took a few hours to be sorted but was eventually fixed.

Analysts are angered by the fact that the exchange keeps expanding while the simple processes remain stretched. The above analyst notes that the exchange is nowadays seemingly only interested in making money.


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Cryptomute | 2020