Binance Wallet Faces Temporary Outage, Here’s What Happened

42 minutes ago by · 2 mins read

Binance Wallet has experienced a network outage that has stopped users from viewing their normal balance.

Leading cryptocurrency exchange Binance has faced congestion in its network, with many customers impacted by the outage. Binance Wallet confirmed on X that it is possible that some users may experience some difficulties in viewing interactive event information. This is due to a temporary system lag caused by network congestion.

No User’s Funds Were Affected in the Binance Wallet Outage

Wu Blockchain noted that Binance Wallet has reported a temporary lag in its service due to an outage in its network. This has affected the ability of some users to view event data interactions. Most of these users have their accounts displaying zero balance currently. Interestingly, the web version has also failed to display account balances.

A follow-up post from Changpeng Zhao, Binance founder, suggests that their system may only be going through a season of maintenance.

“Blockchains don’t stop, but websites need maintenance once in a while,” CZ said, adding that Binancians can “use the alternative @BNBChain block explorer” during this time.

The team has stated that no customer’s fund was affected by the temporary outage, nor was the core function or security of the Binance platform. It was only a challenge that had to do with display, and on this premise, engineers are actively working to restore real-time updates.

Wu Blockchain later announced that the fund balances on the app have now returned to normal. Users who have refreshed their interfaces are likely to have seen the changes.

BNB Price Recovers From Donald Trump’s Tariff Talk

Ordinarily, the expectation would be that the price of tokens in the ecosystem would be impacted negatively by this news. However, BNB seems to have leveraged on the incident to stage a comeback from the brief crypto market downtrend caused by Donald Trump’s social media warning of a US-China trade war.

According to CoinMarketCap data, BNB price is pegged at $1,297.40, corresponding with a 3.78% spike over the last 24 hours.

Earlier, on Oct. 13, Coinspeaker reported that the digital currency had recorded a 15% increase in price. At the time, it reclaimed the crucial $1,300 level before slightly declining to its current level. The price at the time of this writing is a confirmation that BNB has recovered fully from the tariff talks.

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