Binance Undergoes Maintenance as India Braces Itself For Crypto Race

Zain  |  Mar 4, 2020

Binance is undergoing another maintenance, and there’s a possibility that it is just not a regular one and there could be more to it than meets the eye. The sudden maintenance at Binance has been a recurring theme for a while now. The last maintenance like this was on 19th February, where the leading exchange faced the community’s wrath as people were disappointed that there was no timeline given and their funds could be in danger.

The ongoing temporary maintenance might evoke a similar response as Binance has suspended deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets. Just like the last time, Binance Future remains uninfluenced by these developments and continues to function as usual.

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Binance CEO Changpeng Zhao keeps on trying to play the hero in these situations by offering comforting words constantly through his Tweets. His sudden epiphanies and revelations are mostly Idyllic. However, as a reputed exchange, it doesn’t help to see it undergoing maintenance so frequently and just striking the chord with the community could only take it so far for so long.

Indian Influence?

The blockbuster news of today is the Supreme Court of India’s decision to render the ban imposed by the Central Bank of India (RBI) null and void. Binance recently acquired Indian based Exchange, WazirX and even conducted an IEO for its native token WRX. Given that the obfuscate ban is obliterated now, the path of clarity, away from ambiguity,  lies ahead for the Indian crypto-community.

There could be a slight possibility that due to an increase in volume and the sudden burst of interest from India could well have played a part in Binance decision to undergo temporary maintenance. CEO Xhangpeng Zhao also congratulated the Indian crypto-community just hours before and stated that India wants crypto and he is looking forward to catering to the needs of billions of people.

As we write, the CEO of Binance has published another tweet highlighting that the funds are safe and he expects the Exchange to revert to normalcy very soon.

Issue has been fixed. Systems coming back online. "a few" minutes. My best guess will be 15-30 min. But I am usually wrong.

Will give a few minutes to cancel orders before trading resumes.

Update:  Binance has completed temporary system maintenance and will resume all trading activity at 2020/03/04 11:30 AM (UTC).

The exchange also noted,

"From now until the commencement of trading, users will be able to begin cancelling orders, processing deposits, trade on C2C, lending and redemptions, asset transfers and use all other account-related functions.

Withdrawals will be resumed shortly after trading starts.

It is recommended that Futures and Margin trading users with open positions re-assess their collateral balances prior to the start of trading to mitigate against price fluctuations that may occur."

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