Today at 9:26 am UTC, Binance CEO Changpeng Zhao (CZ) tweeted about the unscheduled temporary system maintenance on the crypto exchange. According to CZ’s tweet, the trading had been paused due to some message broker issue.
It took the Binance maintenance team close to 2 hours to reset everything to normal.
However, what concerns us is the fact that it seems to have become a regular issue with the exchange. Exactly, 14 days back, Binance users went through the same series of unannounced maintenance events.
Today once again the exchange suspended deposits, withdrawals, spot trading, margin trading, P2P trading, lending, and redemption. On top of it the sub-account, margin account, fiat wallets, and futures account asset transfers were also stopped.
According to the official notice, the unscheduled maintenance will have no effect on Binance Futures trading.
Pump and Dump
What Binance calls unannounced maintenance is leading to a pump and dump. And the users are not really happy about it.
— cryptohulk (@CRYPT0HULK) March 4, 2020
As we take a closer look at the Coingecko bitcoin price chart, we see the coin was trading above $8,833 at the time of unscheduled maintenance. And currently, it trading at $8,745 which is not a major dump. But the altcoins did unhand some of the considerable pumps.
Is there a war going on?
It seems OKEx, CEO offered some help and seems it was turned down. According to Jay Hao, OKEx CEO, the message queuing system used by the exchange is not suitable for a trading system. And could always lead to such issues.
Rhooo. OKEX vs Binance war is official. To be fair though, you'll never see Binance guys talking publicly against OKEX on Twitter, but quite a lot the other way around. You know what it means. pic.twitter.com/KSuFcMaOIB
— Alexandre Dreyfus (@alex_dreyfus) March 4, 2020
Binance CEO CZ who seems to be known for his transparency in case of such events not only turned down Jay’s suggestion. But he blocked him too. Does this indicate a cold-war between Binance and OKEX?
— Jay Hao @OKEx (@JayHao8) March 4, 2020
Recently, Altcoin Buzz CEO Shashwat Gupta also tweeted about Binance login data loading delays.
Everytime I log in, binance does this for a few seconds…🥵 pic.twitter.com/iZFi7NtR6Z
— Shash (@shashxxx) February 28, 2020
While some people think these glitches are because Binance grew up too fast, you might have some other views. Do let us know your point of view in the comments section below.