Binance goes offline due to market data issues, no hack

The downtime follows a weekend of performance issues from the crypto exchange.

2 min read

Feb 19, 2020

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 hacked—something that is surprisingly common in the crypto industry. Binance has previously been hacked for 7,000 Bitcoin, worth $40 million at the time.

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

The exchange also struggled with performance issues over the weekend due to an increase in transaction volume—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.

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