Yesterday, the price of Bitcoin (BTC) on the world’s largest cryptocurrency exchange Binance suddenly fell from $27,000 to $2,700. The platform experienced a glitch in its API, which led to a temporary crash.
Members of the crypto community began actively sharing screenshots of the Binance trading interface, demanding explanations from the exchange management.
CZ said trade was not affected
Shortly after the incident, Binance CEO Changpeng Zhao posted a message on Twitter, explaining that the error is solely in the display of the BTCUSDT and ETHUSDT futures charts and does not affect trading.
Source: “Twitter”
However, some platform clients doubted CZ’s statement. So, the user under the nickname @willit-X stated that as a result of the failure, Binance liquidated his open position for $200 thousand.
Source: “Twitter”
Another community member appealed to Zhao with a question about the concerns of traders who were exiting trades in panic due to an error in the price display.
“You say trades were not affected – but what about trades that traders exited in panic?” he wrote.
Some traders joked that in this way Binance was hinting at the future dynamics of the BTC price. A similar incident has already happened at the American branch of the crypto exchange: on June 21, the price of Bitcoin on Binance.US soared to $138,000.
Binance is back in the spotlight
This week, Binance has repeatedly appeared in the media headlines, in particular due to its announcement that it is leaving the Russian market. Let us remind you that two days ago the crypto exchange announced that it was leaving the Russian Federation and selling the business to CommEX.
Before this, Binance had to curtail its business in Cyprus and the Netherlands. Following this, the British regulator revoked the license of the exchange’s subsidiary.
In June 2023, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance. The regulator accused the trading platform of violating securities laws and illegal trading in America. In addition, the Commission stated that Binance.US, the American division of the crypto exchange, is not a separate company and is completely controlled by Changpeng Zhao.
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2023-09-30 06:29:18
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