Key Points
- Binance, a prominent cryptocurrency exchange, experienced network congestion leading to temporary outages.
- Despite the outage, no user funds were affected, and Binance’s core functions and security remained intact.
Binance Network Congestion Causes Temporary Outage
Binance, a leading cryptocurrency exchange, recently experienced network congestion. This led to an outage impacting many of its customers.
Binance confirmed that due to the temporary system lag caused by the congestion, some users might have faced difficulties in viewing interactive event information.
User Funds Remain Unaffected
Despite the temporary lag in Binance’s service, no user’s funds were affected. Some users might have seen their account balances displaying as zero due to the outage. However, this was merely a display issue, and the web version also failed to display account balances temporarily.
Changpeng Zhao, the founder of Binance, suggested that the system might be undergoing a period of maintenance. He reassured users that “Blockchains don’t stop, but websites need maintenance once in a while,” and suggested users could use the alternative BNBChain block explorer during this time.
The Binance team assured customers that the core function and security of the platform were not compromised during the outage. Engineers are actively working to restore real-time updates.
The fund balances on the app have now returned to normal, according to Wu Blockchain. Users who refreshed their interfaces likely saw the changes.
BNB Price Unaffected by Outage
Despite the outage, the price of BNB tokens in the ecosystem was not negatively impacted. In fact, BNB seemed to leverage the incident to recover from a brief crypto market downtrend caused by a social media warning of a US-China trade war by Donald Trump.
As per CoinMarketCap data, the BNB price was $1,297.40, corresponding to a 3.78% increase over the last 24 hours. Earlier, on Oct. 13, it was reported that the digital currency had recorded a 15% increase in price, reclaiming the crucial $1,300 level before slightly declining to its current level. This suggests that BNB has fully recovered from the tariff talks.
