{"id":327511,"date":"2021-08-19T15:38:11","date_gmt":"2021-08-19T12:38:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-crypto-exchange-outage-sparks-outrage-as-traders-lose-millions\/"},"modified":"2021-08-19T15:38:11","modified_gmt":"2021-08-19T12:38:11","slug":"binance-crypto-exchange-outage-sparks-outrage-as-traders-lose-millions","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-crypto-exchange-outage-sparks-outrage-as-traders-lose-millions\/","title":{"rendered":"# Binance crypto exchange outage sparks outrage as traders lose millions"},"content":{"rendered":"<p>&#8220;<strong># Binance crypto exchange outage sparks outrage as traders lose millions <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvMDNlMGMxZGItNWQxMi00NDVmLWJmNmYtM2E1N2VkODI1ZGU0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Outages in crypto exchanges have resulted in losses for investors trying to get out in time. While Binance has been proactive in neutralizing such situations, numerous investors are reportedly seeking damages due to the exchange\u2019s inoperability.\u00a0<\/p>\n<p>Speaking to CNBC, a Binance spokesperson <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/08\/19\/cryptocurrency-traders-seek-damages-from-binance-after-major-outage.html\">highlighted<\/a> the company\u2019s policy that promises to compensate actual trading losses due to system or internal issues, but noted:<\/p>\n<blockquote><p>\u201cWe do not cover hypothetical \u2018what could have been\u2019 situations such as unrealized profits.\u201d<\/p><\/blockquote>\n<p>In some cases, when investors reached out for compensation in relation to the said outage, Binance\u2019s customer service team reportedly offered a low rebate while refusing to comment on \u201cpending legal matters\u201d. <\/p>\n<p>Back on Feb. 11, Binance had to temporarily close shop after suffering an outage due to a 60% spike in its web traffic. As a result, the exchange suspended \u201cdeposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings &amp; redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.\u201d<\/p>\n<p><strong>Related: <em>Binance CEO wants to &#8216;work with regulators&#8217; as the exchange expands<\/em><\/strong><\/p>\n<p>Binance has recently caught the attention of regulators across the world in relation to trading and licensing complexities. Binance CEO Changpeng Zhao stated his intention to get licensed in every jurisdiction.<\/p>\n<p>Zhao publicly offered Binance\u2019s CEO position to a person \u201cwith a strong regulatory background.\u201d Currently, Binance is facing regulatory scrutiny from authorities across the world, including the Netherlands, Malaysia and Korea.<\/p>\n<p>Aimed at damage control, Binance has proactively started implementing restrictions to lower down the chances of high-risk trading \u2014 from limiting high leverage trading to completely restricting derivatives trading.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-crypto-exchange-outage-sparks-outrage-as-traders-lose-millions\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Binance crypto exchange outage sparks outrage as traders lose millions &#8221; Outages in crypto exchanges have resulted in losses for investors trying to get out in time. While Binance has been proactive in neutralizing such situations, numerous investors are reportedly seeking damages due to the exchange\u2019s inoperability.\u00a0 Speaking to CNBC, a Binance spokesperson highlighted&#8230;<\/p>\n","protected":false},"author":1,"featured_media":327512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvMDNlMGMxZGItNWQxMi00NDVmLWJmNmYtM2E1N2VkODI1ZGU0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74860,117,70934],"class_list":["post-327511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-cryptocurrency-exchange","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/327511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=327511"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/327511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/327512"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=327511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=327511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=327511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}