The Binance exchange’s P2P trading system went down this Wednesday, May 11. Users contacted by CriptoNoticias reported that the platform works perfectly but when trying to exchange some cryptocurrency for local currency, the system throws an error.
Changpeng Zhao, CEO de Binance, confirmed via Twitter the problem. He claimed that it is a server failure related to a “high load” of activitywithout giving further details.
Likewise, he promised that the problem would be resolved within 30 to 60 minutes. However, at the time of writing this note (more than 3 hours after your message) a few users have managed to access. In the meantime, many continue to report the flaw, which we independently confirmed in this newspaper at the time of publication.
As commented by Binance clients, Zhao assured that all other exchange services were running smoothly.
High system load and blockchain today. Binance P2P trading had a server issue and is in maintenance mode. Our team is on it. It should recover in 30-60 min. All other systems (spot and futures) are fine.
Changpeng Zhao, CEO de Binance.
Previously, the executive had warned on the same social network about a high transaction congestion that was generating large commissions and delays for withdrawals and deposits of ETH and LUNA.
High demand for transactions with the market in the red
Coinciding with this situation in Binance and in some networks such as Ethereum, this Wednesday high levels of demand for transactions have been recorded on the Bitcoin network. Right at the moment when the market is reeling.
According to data available on mempool.space, we see that there are more than 110 blocks of transactions waiting in Bitcoin, despite the fact that the confirmation speed has not dropped or there is any kind of delay. In fact, this type of congestion had not occurred since a year agolast May.
The situation could respond to a high demand from users looking to trade and move funds at the height of high volatility in the market. Especially considering that the price of bitcoin has been jumping between $29,000 and $31,000 in the last few hours.