On February 7, the second largest cryptocurrency exchange Binance announced that the exchange was down and all trading and withdrawals would be suspended for 10 hours at the time of the announcement.
Changpeng Zhao, CEO of Binance, has confirmed that it was due to technical difficulties that they had to temporarily shut down the exchange. In several tweets, Zhao both apologized for the extended delay and explained, via tweeted photos, that the problem was not due to a data loss, but instead an actual technical error.
Several Binance users expressed their ire at the exchange being down, “This is insane! 24 hours of downtime is completely unacceptable!” tweeted one user.
However, in some heartening news for the exchange, a few good folks thanked Binance for their extreme responsiveness throughout the outage.
We will maintain communication at difficult times. Those are hot wallets, only a tiny % there. But it should be clear your coins are safe. We wish disks moved faster. We will engineer around them in the future. Your encouraging words is all we work for. https://t.co/1i0Dw3YjV1
— CZ (@cz_binance) February 8, 2018
Despite the outage, it could be expected that Binance would experience some level of technical difficulty given its popularity and the mass influx of users registering to use the exchange. In mid-January, Zhang reported about 2 million registrations being completed every week.
As it stands, OKEx is the only other exchange to have bested Binance for first place with trading volume at just under $3.2 billion and Binance currently holds strong at $2.1 billion.