On September 12, 2023, Binance, the largest cryptocurrency exchange, experienced technical difficulties. The co-founder and CEO, Changpeng Zhao (CZ) was quick to inform users of the issue through his Twitter account.
This particular issue affected their USDT margin trading on futures. Changpeng Zhao said his team of developers will try to resolve it as quickly as possible. Furthermore, within the period of the technical issue, traders on the Binance exchange used their Twitter accounts to lay complaints on the issue they faced with the futures trading platform. Some said they could not close their positions due to the error.
Binance's official account also posted on Twitter to pacify users that the engineers were handling the issue.
"We’re aware of an issue impacting futures trading on Binance.
USDT-Margined futures trading is currently unavailable as we work to resolve this as soon as possible. New updates will be shared here," Binance said on the X platform.
We’re aware of an issue impacting futures trading on Binance.
— Binance (@binance) September 12, 2023
USDT-Margined futures trading is currently unavailable as we work to resolve this as soon as possible. New updates will be shared here.
It didn't take long for them to fix the Binance issue, now non-existent on their trading platform. They also quickly announced the new development: "The issue affecting USDT-Margined futures has been resolved and trading has been resumed.
Apologies for the inconvenience caused and thanks for your patience."
Binance Debacle with the SEC Continues As Exchange Loses Top Executives
The ongoing legal dispute between Binance and the Securities and Exchange Commission is having a significant impact on the cryptocurrency exchange. Additionally, the constant spread of fear, uncertainty, and doubt (FUD) is further complicating matters. The legal case revolves around regulatory compliance.
The federal government commission accused the crypto exchange of operating in the United States without getting the commission's approval. Furthermore, the Binance was charged with trading illegal securities on its trading platform. These illegal securities are crypto assets, which the SEC classified as such. Apparently, the total charges from the SEC to Binance are around 13.
Their ongoing legal battle between the exchange and the regulatory body is making some of the company's top executives leave. Since the US regulator filed the lawsuit against Binance sometime in the middle of June 2023, many of the company's top executives have left. This has led to much speculation and rumors about what might happen at Binance.
Changpeng Zhao, the CEO of the company, has stated that the departure of top executives does not indicate anything negative for the company. He believes that those who are spreading rumors of failure are causing FUD.
Binance's operations were overseen by a top manager named Gleb Kostarev, who was responsible for Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia, and New Zealand. Along with Kostarev, another top executive named Vladimir Smerkis, who was in charge of the CIS region, also left the company. Despite attempts to ease growing concerns, some Binance users remain restless about certain issues.