Binance’s futures trading platform bugged, users are concerned

April 10, 2023 at 10:07 am

News

Binance’s futures trading platform bugged, users are concerned

According to a Twitter thread, the futures trading platform of the largest crypto exchange by trading volume, Binance, seems to have faced an issue.

We're aware of an issue affecting #Binance Futures users.

Our team is currently working on the solution, and we will update users as soon as we have more information.

Apologies for any inconvenience caused.
— Binance (@binance) April 10, 2023

Binance tweeted that the developers are trying to solve the issue concerning the futures traders on the platform. According to Changpeng Zhao (CZ), the CEO of Binance, the “Futures UM Rest service/API” has faced a bug, causing distortions in the user interface (UI) and the Application Programming Interface (API).

https://twitter.com/cz_binance/status/1645312557069094912

Moreover, the exchange says that only “USD-Margined contracts are affected.” This means that the contracts that are margined with tokens are not impacted.

Consequently, Binance users have replied to the thread with many troubles. While users are concerned about their funds, per the tweets, the exchange’s helpdesk has been requesting them to wait until further notice. Some users even request Binance to compensate for their losses due to the bug.

https://twitter.com/Andrew_PTP/status/1645318973305806848

This is the second time Binance has faced a major technical issue in two weeks. On March 24, the exchange had to halt its spot trading platform due to a matching engine problem.