It has been a rather eventful day for the Binance cryptocurrency exchange/ After announcing a 24-hour maintenance, people started speculating how things would evolve. As is usually the case, some people even though the exchange wasn’t coming back. Luckily, the company has come back online without any major issues. All of the rumors are put to rest and trading is live once again. This major system maintenance is quite interesting, though.
It doesn’t happen all that often cryptocurrency exchanges go offline for 24 hours. It is a rather interesting development, after all. Thankfully, Binance made a major announcement well in advance to calm most investors. Even so, the speculation regarding this maintenance is quite comical. Opinions range from ” good” to “exit scam”, as is usually the case in the cryptocurrency world. There is absolutely no reason for a company such as Binance to scam its users. Especially now when advertising it as a major system maintenance period.
Extended Maintenance Pays Dividends for Binance
With the service back online, it is good to see trades completing like normal. It is unclear if any major upgrades have been made, though. The service has always been rather smooth for most users. Even so, the exchange needs to perform maintenance and upgrade its infrastructure whenever possible. It is possible they are preparing for an influx of new users. As of right now, Binance is the largest exchange by trading volume.
This is also a good time to reiterate how the exchange has not been hacked. Some persistent rumors still circulate on social media as of right now. The involvement of John McAfee in these discussions raises a lot of questions, for obvious reasons. Luckily, all of these rumors are completely fake and should be treated as such Binance is doing what they have to to remain competitive first and foremost. Upgrading their infrastructure is part of this objective.
It does appear the company ran into a small problem during the maintenance. Their database backup saw a failure of some sorts. As such, the original maintenance window was extended slightly. It is always better to ensure things work properly first and foremost. The exchange has done a good job in this regard, as there are no complaints from users so far. Some users still experience slight login issues, but those will be resolved in the coming hours.
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