Traders Furious After Binance Crashes Twice in Less Than a Week

Binance unexpectedly went down today for temporary maintenance. Changpeng “CZ” Zhao, the CEO of Binance, stated that there was a problem was with the API end-point. 

Following the crash, users rushed to social media to demand recompense for lost opportunities.

Binance released a statement at 14:04 UTC on Dec. 21, announcing a complete suspension of “deposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.”

Futures trading was unaffected. Binance told traders that they would be given 30 minutes notice at some point during the day to allow them to “cancel orders, make deposits and withdrawals, and make asset transfers before trading resumes.” Trading resumed at 18:00 UTC.

However, for many day traders, this was not good enough.

Binance users took to Twitter to complain of major losses due to closed trading during a period of sudden downtime on Dec. 21. 

Traders were unable to capitalize on fluctuating prices, with many traders claiming losses due to a major downturn in the price of the recently-listed JUV token while trading was unavailable.

I hope JUV doesn't dump. OMFG…….. Who is responsible for our loss?????

— Nied ~ (@Niederknien) December 21, 2020

While CZ assured users that funds and user data were intact, the downtime caused many users to miss their chance to sell as JUV token prices tanked 30%.

COMPENSATE OUR LOSSES!!!!!!

COMPENSATE OUR LOSSES!!!!!! COMPENSATE OUR LOSSES!!!!!! COMPENSATE OUR LOSSES!!!!!! COMPENSATE OUR LOSSES!!!!!! COMPENSATE OUR LOSSES!!!!!! COMPENSATE OUR LOSSES!!!!!! COMPENSATE OUR LOSSES!!!!!! COMPENSATE OUR LOSSES!!!!!!

Juv %30 dump