Share this article
Crypto Exchange Binance Suspends Trading Over 'Systems Messaging Error'
The Binance exchange said an outage was due to system maintenance prompted by a problem with a data feed.
Updated Sep 13, 2021, 12:19 p.m. Published Feb 19, 2020, 3:13 p.m.
Binance, the world’s largest cryptocurrency exchange by trading volume, suspended trading on Wednesday for more than six hours for "system maintenance.”
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The exchange, which has offices and corporate registrations in Malta, Seychelles, the Cayman Islands and elsewhere, resumed trading around 5:30 p.m. UTC (12:30 p.m. Eastern time), according to a notice on its website.
The exchange had alerted users earlier in the day that it suspended all deposits, withdrawals, spot trading, margin trading, person-to-person trading, lending, redemption and asset transfers from sub-accounts, margin accounts, futures accounts and wallets that hold government-issued or “fiat” currencies. Futures trading was unaffected, the exchange said.
During the Binance outage, rival cryptocurrency exchanges saw big jumps in trading orders, based on data from the website Coin360. According to the site, transaction volumes over the 24 hours through 12:36 p.m. ET jumped more than 50 percent on the Malta-based exchange OKEx and on London-based Bitstamp. Binance's 24-hour volume dropped by 31 percent during the period.
Josh Goodbody, Binance’s London-based director for growth and international business, told CoinDesk in a series of WhatsApp messages that there was an “issue with an engine that pushed data around the system.”
“It was a simple systems messaging error that we wanted to fix straightaway,” Goodbody said. “Main effect was balances were slow to update.”
It’s “definitely untrue” that the exchange suffered an internal hack, he said, referring to some posts on social media.
Binance CEO Changpeng "CZ" Zhao tweeted "all systems back to normal" at 12:57 p.m. New York time.
Hours earlier, Zhao tweeted that the exchange would “waive everyone’s margin interests for today.”
“Least we could do,” he wrote. “Will also run some big campaigns after we deploy the performance fixes.”
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
ETH, SOL, ADA Slide as Bitcoin Sees Year End Profit-Taking
Trading volumes have thinned noticeably in recent sessions, amplifying price moves and reinforcing a defensive tone, some market watchers say.
What to know:
- Crypto markets declined as investors remain cautious amid concerns over technology valuations and mixed signals from the Federal Reserve.
- Bitcoin and ether both saw slight decreases, with most major tokens trading lower, reflecting fragile risk appetite.
- Year-end positioning and thin trading volumes are contributing to the current market weakness, with expectations of continued pressure into the new year.
Top Stories
