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Binance Futures Having Technical Problems, CEO Reports

Key Points:

The CEO of Binance indicated that there were issues with several services in USD margin trades.
The exchange previously suffered some undetected technical issues with spot transactions, forcing it to stop them for a short period of time.

Binance claimed that several problems impacting its Futures users had been identified.

Binance Futures Having Technical Problems, CEO Reports 3

Binance CEO CZ indicated that there were issues with some services in USD margin trades and that the teams were working to resolve the issue. According to him, the exchange is experiencing a number of challenges with the Futurrs UM Rest service/API, which has impacted its Interface and API. CZ said that they would issue a comment on the matter soon.

Futures CM (COIN-Margined) contracts are not impacted by the volatility, according to the exchange, but only UM (USD-Margined) contracts are.

When the CEO of the exchange made the announcement through Twitter, it was emphasized that the issue was on the futures side.

On March 24, the Binance exchange suffered some undetected technical difficulties with spot transactions, forcing it to stop spot transactions for a period of time. Although the exchange also suspended deposits and withdrawals, the platform quickly resolved the problem. Because of the issues, Bitcoin fell from $28,000 to $27,500 in a short period of time.

At this time, there was no price reduction in CZ’s remark. Bitcoin is now selling at about $ 28,350 at the time of writing.

BTC price chart. Source: TradingView

Binance got a shock from Australian authorities after facing a lawsuit from the US Commodities Futures Trading Commission (CFTC). CZ stated that the Binance Australia derivatives license was revoked in a recent official decree. He also said that the spot exchange would remain operational in the country.

As Coincu reported, the U.S. branch of global crypto exchange Binance has struggled to locate a bank for its clients’ funds after Signature Bank’s bankruptcy left it without a crucial banking partner.

Since banks are wary of regulatory risk, the exchange has sought unsuccessfully to create agreements with Cross River Bank and Consumers Bancorp.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.