“Things are Under Control” – Says Binance CEO while Trading Resumes

Changpeng Zhao, the CEO of Binance has ensured that everything is under control and funds are safe. Though the details of the situation will be revealed later, the exchange has resumed the trading on its platform after suspending them about 8 hours ago.

Trading resumes on Binance exchange

The Syscoin and Binance chaos are in full swing. However, amidst this all, the CEO of Binance Changpeng Zhao ensure the crypto community that everything is fine and under control in his latest Tweet.

Update: things are under control, just have some more work to do before enabling trading. Should be soon. Ignore FUD and bad news. Now is an good time to identify which news are bad quality (and remove them).

— CZ (@cz_binance) July 4, 2018

Moreover, the trading is also resuming on the exchange.

trading resumes in 30 minutes. Post mortem will follow later. https://t.co/JZ4aLr3ThO

— CZ (@cz_binance) July 4, 2018

According to the official website of the exchange,

“Binance has completed its system maintenance and we will resume all trading activity at 08:00 AM (UTC). From now until the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account related functions.”

Zhao has also ensured the Binance users that all funds are safe when the API Key creation was enabled.

Funds are safe. https://t.co/YKxVceCWua

— CZ (@cz_binance) July 4, 2018

As for what exactly happened, both Binance and its CEO have intimated that the details of the situation will be shared later, “Please stay tuned for a more in-depth explanation of today’s maintenance in a later announcement.”

According to Coinmarketcap, Binance is the world’s top cryptocurrency exchange with a 24 hour trading volume of $1.5 billion. Currently, Syscoin (SYS) is the most traded coin on the exchange, against BTC. With a daily trading volume of $229 million, Syscoin has captured over 14 percent volume of the Binance’s active market.

It is a good thing that Binance has taken a quick step and resumed the trading on its platform. However, it is imperative that the exchange clarifies the situation and reinstates the faith and confidence of the crypto community which might have taken a hit.

What are your views on this situation? Share your thoughts with us!

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