It was just announced that Binance, the world’s largest crypto exchange, has reopened after having to temporarily suspend spot trading, deposits and withdrawals due to a bug.
The incident was reported to have happened on April 22nd when Binance’s CFO, Wei Zhou, posted on Twitter that “due to a server issue, we were forced to temporarily shut down spot trading, deposits and withdrawals.”
In the same Tweet, Zhou announced that the exchange had suspended all withdrawals, deposits and trading services in order to address the problems at the root of the issue.
He also announced that the contributions to Binance Launchpool, the Binance Savings and Binance Futures services had been temporarily suspended. Immediately afterward, users noticed that the prices of some of the major coins listed on Binance were being inflated, while others were suffering from tragic losses in value.
Since then, Binance has been in the process of resolving the issue and scheduled downtime in order to fix the bug. During this time, many users were unable to access their funds, meaning some have not been able to withdraw them since last week.
However, the company has now announced that all services are back up and running. In a statement, the firm said: “Thank you for your patience over the past day and a half as we worked to resolve this issue. We are pleased to announce that spot trading, deposits and withdrawals are now available for all users, along with all other associated services.”
Although this has been an incredibly trying time for many involved, it is certainly encouraging to see that all services associated with the exchange have been restored and are now available without interruption.
At least for now, users are relieved that their funds are safe and are thankful to Binance for making sure to act quickly in order to address this bug.
Thankful users can go back to trading, exchanging and using the service, knowing that their funds are safe and secure.
It remains to be seen if this bug will resurface in the coming days, but for now, the exchange platform is back up and running and all services are available without interruption.