Binance Website Down Problem: The Binance team finally resolved the website down issue after 30 hours of a maintenance update. The world’s number 1 Cryptocurrency Exchange portal Binance which was started in 2017 had some issues yesterday (8th February) and users were not able to log in or trade any coins. They have stopped accepting new users during this time. Also, they have suspended Deposit and Withdraw which pranked many users as they have locked their money which has to be used by the 24-hour volatile market.
Many people claimed they must have got hacked, but Binance refused this by showing their recent transaction of 30,000 Bitcoins to their hardware wallet to safeguard the BTC during the maintenance. The reason for the issue is, their database got collapsed and they are supposed to sync the database again and need to restart them. Since they have 6 Million+ users registered in a short time, they have a lot of data in their database and obviously, it takes a lot of time to recover or sync such a big one.
Finally, they are back to the online and business after 30 hours. Even though many people criticized their act that they failed to pre-intimate regarding the maintenance and security update, many prised them as they continuously updated their situation to the users via Twitter. The CEO of Binance CZ also published his updates via his Twitter actively. He stated he just slept two hours to get the things back to the normal.
For the new Crypto users, if you are still thinking if Binance is good or not, of course, you should get in now. The company is very active on Twitter and they keep updating their users whereas many other exchanges don’t even care to update the users. Kraken exchange some months ago got hacked it was non-operative for a week, but Binance is one of the most secured exchanges in the world with a huge number of users, easy to trade platform with a very low trading fee. So without any doubt, Binance is the best crypto trading (or) exchange platform at least at the moment in the world compared to all other active exchanges like Kucoin, HitBtc, Kraken, etc.
Binance CEO also confirmed that they are about to hire more developers soon to not repeat such mistakes again in the future.
Binance Compensation to the Users
Due to this unannounced maintenance, Binance team decided to offer 70% discount on trading for the next two weeks since 24th February. So the new fee will be 0.03% which is much lower in the industry. For the new users, it is the right time to enter into the market.