Share this article
Binance Denies Hack As Exchange Halts Trading
Binance has suspended trading and withdrawals amid a site upgrade.
By Nikhilesh De
Updated Sep 13, 2021, 7:33 a.m. Published Feb 8, 2018, 5:35 p.m.
Hong Kong-based cryptocurrency exchange Binance said it won't resume trading or enable customer withdrawals until Friday amid a continued blackout blamed on a prolonged system upgrade.
The suspension has sparked fears that the exchange has been hacked, though Binance, responding to such comments on Twitter, has strongly pushed back against the claim.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to the most recent statement from Binance, the exchange is expected to resume trading at 4 a.m. UTC on Friday.
"We will allow a 30-minute window where users can cancel open orders prior to trading being opened," the exchange wrote. "We will continue to update every two hours until the upgrade is complete."
The exchange first posted on Twitter about the trading outage on Wednesday, telling users that they may see some degraded performance for the duration.
However, two hours later chief executive Changpeng Zhao announced that a server issue caused data to fall out of sync, stating that the development team would have to re-sync from a master database. In subsequent tweets, Zhao said that the maintenance did not proceed as planned, prolonging the outage.
Binance first launched in the summer of 2017, and in recent months has become one of the largest venues for cryptocurrencies by trade volume. According to a December report from Tech In Asia, the exchange was seeing as much as $500 million in daily trading volumes at the time.
Turnstile image via Shutterstock
Correction: This article has been updated for clarity.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Update, U.S. Jobs, Bank of Japan: Crypto Week Ahead
Your look at what's coming in the week starting Dec. 15.
What to know:
You are reading Crypto Week Ahead: a comprehensive list of what's coming up in the world of cryptocurrencies and blockchain in the coming days, as well as the major macroeconomic events that will influence digital asset markets. For an updated daily email reminder of what's expected, click here to sign up for Crypto Daybook Americas. You won't want to start your day without it.
Top Stories
