Binance Futures Faces Major Downtime, Users Turn Furious

Binance Futures users faced disruptions on the platform today, with reports of halted trades, unresponsive order books, and missing funds. This event left many traders frustrated and voicing concerns on social media as the crypto exchange faced a major outage.

Team Responds as Binance Futures Faces Outage

Issues began around an hour ago, as Binance Futures’ order book and Klines (candlestick charts) stopped updating, causing significant trading interruptions. Binance took to X (formerly Twitter) to address the situation and reassured its users.

The team explained, “We understand that some users experienced issues with the Futures UM order book and Klines not updating, which may have impacted your trading experience.” The company later confirmed that its team had “investigated and resolved the issue” and advised affected users to try trading again. Binance added, “Thank you for your patience and understanding!”

User frustration quickly spread across social media, with some pointing out the lack of immediate responsiveness from Binance. One user, posting on X, questioned if others were experiencing similar issues. “Is your #bitcoin stuck???? Zero volume since 5 mins on Binance futures. Moreover, the users are reporting issues with the trading platform, causing disruptions in trading activities.

We understand that some users experienced issues with the Futures UM order book and Klines not updating, which may have impacted your trading experience.

Our team has investigated and resolved the issue. We recommend that you try again.

Thank you for your patience and… pic.twitter.com/cWHBYkvwjX

— Binance (@binance) October 28, 2024

Thus, the crypto exchange is investigating the matter and working to restore normal operations. In addition to the trading issues, users reported problems with fund transfers between accounts with Binance Futures facing outage.

User Funds Lost

A Turkish user alleged that USDT funds transferred from Binance’s spot market to its futures platform had disappeared, with no help from customer service. “The USDT I transferred from Binance Global spot to futures has disappeared and customer service is not interested,” the user posted on X.

These issues arrive as Binance, one of the world’s largest crypto exchanges, continues to grapple with regulatory challenges and maintain platform stability for its large user base. Moreover, the lawsuit against the SEC and legal issues of Changpeng Zhao add to the exchange’s hardships.

However, Binance’s prompt communication of the resolution to affected users appears to have alleviated some concerns. Nonetheless, the latest outage underscores the ongoing technical challenges faced by large-scale exchanges. While the issue has reportedly been resolved, users are still sharing mixed reactions and concerns over the stability of the platform.

Also Read: Scroll Token Dips Over 30% Post-Binance Listing; What’s Next?