Binance, Malta-based Cryptocurrency Exchange is experiencing the delay in its order books. According to some trading pairs, technical glitches have affected the Binance.
The Infamous Order Book Delay
The order book can be termed as the tool which pictures the list of pending orders of the people, in particular, Exchange and a specific token. It offers the window of supply and demand for tokens.
The anomaly in the order book of one of the world’s largest cryptocurrency exchanges (in terms of trading volumes), Binance, first came into the picture when the crypto enthusiast Golden Elohim posted a twitter video. According to him, the QSP/BTC order book did not remove the buy orders that were already executed. Other users faced a similar issue.
The orderbook QSP/BTC @binance is not removing buy orders in the orderbook!!!
Even when it’s clear the price should not show 141 and 140 price because 139 was already hit, keeps showing
— Golden Elohim (@GoldenElohim) February 13, 2020
— cyrii_MM 泵它中国 (@cyrii_MM) February 13, 2020
After multiple reports, CEO of Binance, Changpeng Zhao acknowledged the incident and announced that funds of all the users are safe. He affirmed that the team is working to remove the delay in some of the trading pairs of the order book.
There is a slight delay in the order book display across some trading pairs. Team are working on it. Funds are #SAFU.
— CZ Binance 🔶🔶🔶 (@cz_binance) February 13, 2020
Criticism Faced By Binance
Amid the delays in-network, Binance faced the criticisms from technical analysts as well as from various traders. Some of the traders noticed several other issues on the Exchange. At the same time, some of them suggested that the network must be upgraded before the addition of cryptocurrency trading pairs on the platform.
Binance has recently added almost 20 cryptocurrencies on its new crypto derivatives trading network. Although the introduction of new digital assets provided new opportunities for potential investors, the poor performance and delayed platform are blocking the profits of the Binance Cryptocurrency Exchange. Recently, further profits depend upon the team of Binance, which is trying to improve the stability of Exchange.