Technical Problems Lead to a Halt in Trading at Binance

Binance is one of the biggest exchanges for cryptocurrency that provides buyers and sellers with the ability to deal in cryptocurrencies like Bitcoin, Ethereum, BND, Litecoin, etc. The company published an announcement on their website that the services of the company were halted due to “unscheduled system maintenance”. According to the announcement, the platform suspended almost all services that included “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.” The only thing people could continue doing on the platform was future trading.

While the sudden announcement did cause some scare, the company took quick steps to stay ahead of the story. They assured everyone that partner platforms like Binance.US were not affected by this and were functioning normally. The announcement also said that the activity was to resume on the website shortly.

The biggest concern that came up here was regarding the funds circulating on the platform and the company reported that no funds were lost. This declaration came in the form of a tweet from the CEO of Binance, Changpeng Zhao. He said, there was an issue that a data pusher faced but that did not affect the matching engine, thereby saving all the data and funds from being lost in any way.

The company also took immediate steps to redeem itself in front of the traders. In another tweet, Zhao told the traders that any margins for the day were to be waived off as a compensation for the incident.

Looking back, there is a lot more to see than just this issue. It is only the latest among the many problems that the platform has been facing. The firm admitted to the fact that the increment in their user base was beyond their expectations. The platform seemed to be having a lot of trouble in keeping all the trading information and user balances updated during last week. They have asked the traders who faced damages to contact Binance’s support team.

The fear of sudden maintenance problems on an exchange like that raised fears among the crowd as well. Some people shared their concerns on Twitter regarding the incident and feared that this could have been a hack. However, so far no such evidence has come out. Additionally, the company did share recent performance-related issues which add to the credibility of the idea that it was simply a technical problem.

Samsung’s New Phones to Keep Functionality for CryptoCurrency

Samsung recently did a huge reveal on its latest line of phones. The Galaxy S20 is an incredibly well-featured phone and so are its bigger companions. The reveal focused heavily on the camera which is unquestionably the biggest feature to talk about. However, after a copious amount of detail regarding the phone’s other features, the presentation did talk about security as well.

Samsung unveiled its blockchain security features when it announced the Galaxy S10 and it seems they are going to continue supporting cryptocurrency solutions in their new phones. The new devices come with a highly secure, defence-grade Knox platform which provides isolated security solutions for private keys.

The phones feature an especially secure processor that is dedicated to securing the user’s private keys and other data. The security features are infused into every part of the phone and the security system ensures that private data in your phone does not get leaked in any way.

It was only six months ago that Samsung unveiled a dedicated development kit for blockchain on the mobile platform. Along with the kit, they also added a toolkit which stores the private keys of the user.

New developments on this front have also occurred as XWallet developer PundiX shared an announcement saying that the XWallet app was now integrated with Samsung’s blockchain environment. This would allow XWallet users to use XWallet services via Samsung Blockchain Wallet.

After the announcement, the company also started providing support for Bitcoin on its Blockchain Keystore. It must be noted that Samsung only had support for Ethereum initially.

The release of Galaxy Note 10 in September 2019 also confirmed support for the use of cryptocurrency. And now with the newly released Galaxy S20, along with Galaxy S20+ & Galaxy S20 Ultra also having strong blockchain support, the company does seem committed to the cause.

The thing that is really intriguing at the moment is that Samsung is planning to deploy Knox beyond their smartphones and tablets as well. They are looking at ways to expand the ecosystem for Knox by adding it to other devices that support 5G and IoT features. This is a huge step in making cryptocurrency more acceptable globally and should help gain more trust among average users. Whether or not it would actually happen though is something that only time will tell.

The Galaxy S20 will be available to consumers from the 6th of March 2020 in the USA, UAE, and Australia. The UK will get its release on the 13th of March 2020.

Buy Bitcoin with eToro

Relevant news