Binance Halts Trading While Denying Hack
It’s happened many times before. An exchange halts trading, and later news or rumors of a hack hits, and people lose lots of money. So far, Binance denies it’s been hacked despite the fact that the exchange halted trading.
Hong Kong-based cryptocurrency exchange is experiencing a prolonged system upgrade, which it says is the reason for the halt in trading. Meanwhile, users are unable to trade or withdraw until 4 a.m. UTC on Friday.
According to Coindesk, the exchange released a statement that said, ”We will allow a 30-minute window where users can cancel open orders prior to trading being opened. We will continue to update every two hours until the upgrade is complete.”
Because news of the outage didn’t come until Wednesday, many customers found themselves in a limbo when it came to trades and withdrawals. Despite many user fears, those who run the exchange vehemently deny that it has experienced any type of hack.
The exchange, which launched in the summer of 2017, is one of the largest in volume trading as much as $500 million a day, so any major issues with Binance could lead to problems overall for cryptocurrency investors.