World’s Second Largest Crypto Exchange Binance Resumes Operations After ‘Risk Warning’
The world’s second largest cryptocurrency exchange Binance has resolved a “risk warning” that had halted trades and withdrawals since yesterday.
Trading at Binance, which usually ranks within the top three exchanges in the world by daily trading volume, ground to a halt Tuesday following a planned system upgrade.
Developers had forecast trades and withdrawals stopping for a four-hour period, but when automated system signalled an undisclosed vulnerability, the services remained unavailable longer.
The cause of the problem remains unknown, Binance stating that it would resume full functionality at 2:45 PM UTC Wednesday, June 27.
On social media, users continued to report discrepancies while attempting to use the platform, officials however not signalling any major issues as of press time, and stating laconically “Binance System Upgrade Complete”.
Cryptocurrency exchanges often encounter unexpected technical challenges, this month also seeing Bitfinex enter a prolonged period of downtime in order to counter malicious attempts to hack its systems.
Binance is currently the second largest cryptocurrency exchange by daily trade volumes, seeing $844 mln in trades over the past 24 hours to press time.