Binance, one of the world’s leading cryptocurrency exchanges, experienced a two-hour outage on its spot market due to a software bug. This bug caused the system to malfunction temporarily, preventing users from making trades and accessing their accounts for the duration of the outage.
After roughly one hour, Binance CEO Changpeng “CZ” Zhao reported that “engine one” was back online and that they were waiting for the other engines to catch up. The extended halt in trading activity caused a stir in global crypto markets as enthusiasts waited for services to resume.
Crypto exchanges are particularly susceptible to downtime during times of high trading volatility. The news of this disruption in service caused BTC prices to drop by about $700; however, by 14:00 UTC when Binance trading came back online, bitcoin had climbed back up to its original level of around $28,000.
Binance’s customer support notice the issue
Binance’s customer support team noticed the issue first. This was when they received an influx of reports from customers who were unable to access their accounts or make trades. After identifying the source of the problem, the Binance team was able to swiftly deploy a fix that restored full functionality to its spot market.
Even though this outage was only momentary, it serves as a reminder of how crucial it is for cryptocurrency exchanges to have effective systems in place that can quickly detect and fix any potential technical issues.
