Binance has a strange issue with placing orders and checking balances, does this affect the market?
It seems that Binance users are complaining about placing orders and checking their balances. In some cases, their entire accounts were evaporated when the exchange wallets displayed a balance of 0.
What trouble is Binance having?
Many traders are starting to get more worried after more and more users express their concerns about Binance’s services. Today, some users report that their balances and orders are entirely inaccurate. Others said the transactions were made, but the balance will not update.
Binance balances are not even correct. Orders not being processed.
I’m started to get worried.
Instead of a “funds are SAFU”, CZ is telling us we’ll be able to trade $NEO x50 tomorrow.
— Crypto Krillin ॐ (@LSDinmycoffee) February 16, 2020
A recent tweet by Crypto Krillin (@LSDinmycoffee) has caused this issue to attract the attention of many people on Twitter about cryptocurrencies. Many other users answered and confirmed that they had a problem with Binance too.
I literally have no idea what trades I’m in
— JaminX฿T (@JaminXBT) February 16, 2020
Man same. My binance has been glitching all morning – doesn’t allow me to cancel orders half the time too
— Crypto Adam (@Crypto_stypa) February 16, 2020
Other replacers say that their entire account has no balance. An error evaporated heir complete account from the exchange.
I lost my whole account it shows no balance rn ……
— AlexBotts (@AlexBotts8) February 16, 2020
No big deal, my wallet says I’ve been liquidated of my entire portfolio. ?
— Goku [Wolf of Huobi Returns] (@imCryptoGoku) February 16, 2020
This appears to be a Binance-related issue and directly affects many users. So far, the exchange has remained silent on these reported issues. If not addressed, the problem could seriously damage Binance’s reputation as they are always confident about the idea of ’Funds are SAFU.’ However, if the exchange cannot take into account the necessary balance, then this can be a severe problem. Hopefully, we can expect an appropriate explanation from Binance.
Binance has faced criticism over the past few days for its function. In the past, traders were also reportedly struggling to place BTC/USDT long on Binance. Some large traders receive error messages when trying to borrow USDT loans for margin trading. Binance CEO Changpeng Zhao (CZ) acknowledged the small delay in the order book display on some trading pairs and said that the team is actively working on it.
Balance issues at Binance also took place the same day as the entire crypto market reported losses. Although Bitcoin has dropped -1.31% every day, many other cryptocurrencies are reporting double-digit declines. It is currently not clear whether platform dysfunction will worsen market habits.
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