Binance CEO Changpeng Zhao announced today on his Twitter account why they stopped the Ethereum (ETH) transactions on the exchange. Stating that there were some bottlenecks in the Ethereum network, Changpeng Zhao announced that they temporarily closed their withdrawals as a result. In this post, Zhao added that the transactions are continuing normally.
Binance, the world’s largest cryptocurrency exchange, experienced two technical failures today. According to the statements of exchange CEO Changpeng Zhao, one of them is due to the delays in the Ethereum network; another resulted from cloud services used by the exchange.
Why has ETH stopped trading?
Changpeng Zhao said in the tweet he shared that there was a congestion in the ETH network and some transactions could not be completed. Saying that some Ethereum transactions made on Binance were “blocked” on the network, Zhao said that they had to stop the transactions because of this.
Zhao stated that only withdrawals are affected, while other transactions such as deposits, trading, etc. appear unaffected. The Binance CEO also stressed that this was a “minor problem” and said the problem has now been fixed.
Cloud systems are experiencing delays
This was not the only “little problem” Changpeng Zhao explained. The CEO of the Stock Exchange mentioned that there were some “delays” in the cloud services used by the company. Mentioning that this problem may be due to the data center, Zhao explained that they continue to address the problem.
The Binance CEO also stated that these delays are under control for now, and that the Binance infrastructure is working smoothly for now.
Coinbase also struggles with technical failures
Coinbase, the giant US crypto currency exchange, was also one of the exchanges that experienced technical malfunctions in the last 24 hours. The Coinbase team announced that there was a problem with Amazon Web Services in the post a few hours ago and they were trying to identify the source of the problem.
Coinbase; Although eight hours have passed since he made the second announcement, he did not make a statement regarding the solution of the problem. According to the exchange’s announcement, the problem does not yet affect the trading or other types of transactions on the platform.