Binance Shuts Down Trading Again for Maintenance

For the second time in two days, Binance, the largest cryptocurrency exchange, has shut down trading and withdrawals due to maintenance reasons. On June 26th they shut down due to an overall system upgrade, and were only supposed to be down for four hours but they had to postpone the system coming back online due to data migration issues. After several hours they completed the migration and all users were able to trade and withdrawal as normal without any reported crypto missing.

This one will be short. https://t.co/e1ieahXcV0 — CZ (@cz_binance) June 27, 2018

Previously they had announced a scheduled system upgrade, but today they announced they would be shutting down shortly after the announcement. They had estimated the system upgrade to last about 30 minutes then they would open trading and withdrawals again. You can see the original statement from Binance here.

About 30 minutes after the first tweet, they sent out a second saying they would need to extend the service on their system. This time they did not give a time-frame for completion and only stated they were working as fast as they could. But when you are moving around $1 Billion worth a day in cryptocurrencies, you want to make sure you have everything completed correctly.

The last upgrade improved overall system performance significantly. The api traders should see it clearly. but with the improvements, we see some other bottlenecks. We are improving that now. — CZ (@cz_binance) June 27, 2018

While it may make some users angry, the upgrades they are preforming will likely benefit the user in the long run. They will announce via their social media as well as their internal memo once the system upgrade is complete. They will then give users 30 minutes to cancel any existing orders, deposits and withdrawals. You can read about the extension here.

Some users are taking to social media to express their frustrations:

Binance & crypto markets really starting to suck, time to look for something better. — Laughing Man (@laughingfawkes) June 27, 2018

What is the purpouse of always giving wrong estimated time for completion of upgrades? — DonkeyTrader (@donkey_trader) June 27, 2018

Are the founds safe hahahahah😂😂😂 — Elvis (@Elvis7025) June 27, 2018

While other users understand that issues will arise and that it will overall benefit the users