Binance Suddenly Converting Altcoins to Bitcoins

Recently, users of the popular Cryptocurrency exchange, Binance, have reported that their altcoins have been sold and exchanged for Bitcoin, without their consent. One user on Reddit confirmed this this happening, despite Two-Factor Authentication being enabled on his account. This has led some believe the popular exchange has been compromised.

Shortly after this incident, a spokesperson from Binance has stated that the company is investigating the matter. It was revealed that Binance was facing server downtime issues in the UK and other areas. They added that the issue was isolated to only some users, most notably those with API keys used with trading bots and other matters. The company added that there was no need to change passwords as the issue seems to be due to a technical malfunction rather than their exchange being compromised.

Have you been affected by this incident?