Surge in Crypto Trading Activity Overloaded Binance Last Week

February 18, 2020 / by Crypto.IQ

Last week the price of Bitcoin (BTC) surged towards $10,500, and most of the major altcoins simultaneously surged as well. This caused a sudden influx of trading activity on Binance, the world’s leading spot crypto exchange, enough to overwhelm their systems.

Apparently some of the most common errors that Binance traders encountered were ‘5xx internal error’, ‘too many requests’, in addition to API timeouts. Essentially, the servers responsible for handling requests were overloaded, and this was exacerbated by Binance users repeatedly trying to send requests after the first request failed.

Another major error was delays in updating market data, order status, and account balance. According to Binance essential parts of the server which handle messages failed under peak traffic. Unfortunately, this sort of incident can lead to losses, due to traders not being able to see the correct market data.

Binance has responded to this incident by increasing their technological capabilities, and is confident that these issues can be fixed. However, Binance cannot guarantee that this won’t happen again.

Essentially, it appears the crypto space is entering a bull market, and the delays and outages on Binance last week may be an omen of what is to come this year on Binance as well as crypto exchanges worldwide.


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