Binance is back online. Sort of.

in bitcoin •  6 months ago

Major cryptocurrency trading exchange Binance reportedly reopened this morning at 10am UTC (5am EST) for trading and withdrawals and, as far as I can tell, that reporting is at least half true.

After seeing the news this morning around 9am PST, I attempted to log into my account at https://binance.com.

I'm still getting that message right now attempting to access that url and reports on Twitter indicate that I'm not alone. In response that the issue, the founder of Binance, CZ, tweeted out the following:

Following CZ's advice, I was able to successfully log in to my account using https://us.binance.com and trading functionality seems to be working. As a concession to users who were inconvenienced by the "system upgrade", Binance is currently reducing its trading fees by 70% for the next 2 weeks, bringing the fee down to 0.015% per trade. Checking my funds, all of the tokens I had on the exchange pre-upgrade seem to be accounted for in my trading wallets.

Withdrawal requests are another story. After reading some tweets from users claiming that they were unable to withdraw funds, I thought I would see if I could move any of my tokens off the exchange and into an external wallet. The process seemed to go smoothly on the website itself, but trying to confirm the withdrawal through the confirmation email presents a major problem. The link in the email Binance sends to confirm the withdrawal automatically routes to a www.binance.com address rather than a us.binance.com address, so the result of clicking on the link is the same as trying to access the site directly with the primary url. The withdrawal also doesn't show up under "transaction history" after going through the process.

I've said many times - if your cryptocurrency is in an exchange wallet, then it isn't your crypto. Your coins or tokens do not become real until they are in your wallet held by your own private keys.

Until Binance is back open for withdrawals, then in my opinion it isn't really open for business.

Are you worried that Binance has been hacked or that the "system upgrade" was a coverup for something much worse? Tell me what you think in the comments.

Thank you for following, upvoting and resteeming!


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Thank you for sharing this info.
Cheers!

You are keeping me posted Nathan and better than most. Thank you xx