Binance, the world’s largest cryptocurrency exchange, faced yet another disruption on April 10, 2023, as its Future users were impacted due to UI and API issues. However, the issue only affected USD-Margined contracts, and the exchange quickly took notice and resolved the problem.
Systems should all be back to normal now. Some server issues before. Our team migrated off the affected servers. Thank you for your support! 🙏 https://t.co/mJFksnJ0yr
— CZ 🔶 Binance (@cz_binance) April 10, 2023
Binance CEO, CZ, announced that the Futures UM Rest service/API was the source of the problem, which caused issues with the exchange’s UI and API. The Futures CM (COIN-Margined) contracts, on the other hand, were not affected. The exchange reported that all systems were back to normal after its team migrated off the affected servers.
Binance’s recent troubles began in March 2023 when the exchange announced the suspension of all spot trading. Binance announced the end of its Australian derivatives business after ASIC terminated its license earlier this month.
The CFTC accused Binance of participating in market manipulation, which led to significant Bitcoin withdrawals from the exchange, and thus put the exchange under intense scrutiny. These incidents have escalated FUD (Fear, Uncertainty, and Doubt) against the CZ-led company and caused its users concern.
Still, Binance remains the top cryptocurrency exchange in the world despite the recent losses. However, to preserve its image and guarantee the protection of the assets of its consumers, the company must solve the problems impacting its platform.