In brief

  • Binance has taken the majority of its exchange services down for maintenance.
  • The exchange blames market data pushers for the issue.
  • Binance CEO Changpeng Zhao says that funds are safe.

Crypto exchange Binance has gone offline today following problems with its market data pushers. These are service providers that give data on the cryptocurrency market to exchanges.

As a result, Binance has suspended deposits, withdrawals, spot trading, market trading, peer-to-peer trading, and more services. However, its futures trading platform is still live, according to Binance's blog post.

Binance CEO Changpeng Zhao tweeted, "One of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon."

The announcement caused uncertainty among crypto investors, who are aware that exchanges usually go offline when they are hackedā€”something that is surprisingly common in the crypto industry. Binance has previously been hacked for 7,000 Bitcoin, worth $40 million at the time.

BNB
BNB
-1.09%$600.91
24H7D1M1YMAX
Created with Highcharts 10.3.3Apr 3Apr 5Apr 7Apr 9Apr 11Apr 13Apr 15Apr 17Apr 19Apr 21Apr 23Apr 25Apr 27Apr 29May 1$500$600$525$550$575$625
Price data by
BNB price

A Binance spokesperson told Decrypt, "No need to be concerned, the team is working on it and funds are safe."

The Seychelles is the home of trees, tortoises and several high-profile crypto companies too. Image: Shutterstock.

Top 7 crypto companies based in tax havens

This article has been updated to show that the CEO of ShapeShift, Erik Voorhees, considers the Swiss banking system "fraudulent and unethical", and disputes allegations that his company was involved in money laundering. The world has never been fond of crypto. Famous economists have called it a Ponzi scheme, notable investors have called it ā€œrat poison squared,ā€ the Fed president described it as a ā€œgiant garbage dumpster,ā€ and governments around the world have banned, financially strangled and b...

NewsBusiness
6 min read
Robert Stevens

The exchange also struggled with performance issues over the weekend due to an increase in transaction volumeā€”when the price of Bitcoin rose.

Binance has also recently announced a service for launching other cloud-based crypto exchanges, running on its own technology. In the short term, it'll need to make sure it can keep its own site up first.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.