Binance trading suspension: 13 hours ago, Binance announced that it would go through another ‘system maintenance,’ which resulted in another suspension of trading on its platform for an extended period of time.
A week and a half ago, the major cryptocurrency exchange went through a similar event that resulted in the suspension[1] of the exchange for ten hours.
This time, there was eight hours of downtime.
#Binance[2] Incident Recap on Irregular SYS Trading
All funds are safe #SAFUhttps://t.co/PUVRln3gIg pic.twitter.com/CeadTTGvFt[3][4][5]— Binance (@binance) July 4, 2018[6]
Binance Trading Suspension: SYS Trading Irregularities
During its maintenance, the Binance internal risk management system found irregular traders in a number of API users. This prompted the suspension of trading and withdrawals on the Binance platform.
The suspension of withdrawals and trades was not originally planned but was a decision made during the maintenance process.
Syscoin, a fork of the Bitcoin protocol, announced yesterday that it had noticed a potential issue and asked major exchanges to suspend the trading of SYS immediately.
We are investigating a possible issue on the Syscoin blockchain, nothing is confirmed but we have asked for exchanges to halt trading while we investigate.
— Syscoin (@syscoin) July 3, 2018[7]
This is what prompted Binance’s maintenance, and when irregularities were found, action was taken.
Binance responded to its users affected by the SYS price fluctuation and said[8]:
“For the users who were negatively affected by choosing to trade the rising SYS price, Binance will offer zero-fee trading between 2018/07/05 – 2018/07/14. If you traded SYS during the incident and believe you were negatively
