Business As Usual At Binance After An “Extended” System Upgrade

Binance System Upgrade

The Binance system is back up after temporarily stopping trading for one day due to a risk management system warning following a system upgrade, the company stated on June 27.

Binance, one of the three largest crypto exchanges in the world in terms of trading volume, had to stop trading two days ago to perform a scheduled 4-hour system upgrade commencing at 2:00 AM (UTC), 2018/06/26.

The service outage, however, needed to be extended after a warning flashed across their system before trading resumed.

The exact nature or cause of the malfunction remained undisclosed. However, Binance announced that the exchange will return to full functionality by 2:45 PM UTC, June 27.

Varied user reactions and speculations — continuing downtime, security of funds, inconvenience, downright annoyance — flooded the social media putting the firm in the thick of the day’s crypto news.

The company tweeted back that their system was fully back up and announced a giveaway of up to 200 ETH/address. A total of 5000 ETH to be awarded to lucky users in celebration of ETH’s 3rd year in the cryptocurrency networks.

Technical issues, and/or even attacks, are not uncommon to crypto exchanges. It can be recalled earlier this month that BitFinex, another US crypto exchange was attacked by hackers but fended it off after two hours.

It was worse in other countries. Coinrail, a South Korea-based crypto exchange fell victim to hackers and lost some $40M in the process.

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