Crypto Exchange Gate.io Cites Node Maintenance Amid Lagging Transaction Service

Cryptocurrency exchange Gate.io’s users were unable to process withdrawals and deposits temporarily due to intermittent connection interruption in the process of node maintenance.

Problem Solved?

In an announcement on December 18, 2022, Gate.io explained the slowdown in transactions process, and assured that users’ assets to be held safe:

“Users may experience slow deposits and withdrawals during the process. Trading and other services are not affected. Your assets on Gate.io are safe and you can still trade normally. Gate.io is the first exchange that provides onchain trackable 100% proof of reserve for users.”

As on December 18, Gate.io informed via post on Twitter:

📢 Affected by our data center provider’s network issues, we will have some delays on the deposit and withdrawal services. The other services on https://t.co/8kWqgEeplL are not affected. your funds are SAFU. The delays will be recovered as soon as the network is fixed. pic.twitter.com/nEITwPzzsb
— Gate.io (@gate_io) December 18, 2022

Recently, the second-largest derivatives crypto exchange OKX (according to CoinMarketCap) also reported service disruptions due to hardware failure in its primary infrastructure provider, Alibaba Cloud. OKX reassured that users’ assets were safe, hoping to fix interruption in deposits and withdrawals services before 4:00 a.m. (UTC), December 19, 2022.

There is currently an intermittent connection error with our cloud provider which is affecting the user experience. Our dev team is resolving it with them. Funds are safe. Sorry for any inconvenience caused. 🙏
— OKX (@okx) December 18, 2022

As per Alibaba Cloud’s official website, “After investigation, we found the anomaly was caused by the failure of a refrigeration equipment in an IDC site operated by PCCW, which affects the use of cloud products such as ECS, cloud database, storage products (OSS, Tablestore, etc.), cloud network products (Global Acceleration, NAT Gateway, VPN Gateway, etc.) in the availability zone C of Alibaba Cloud Hong Kong region.”

According to Forbes, Gate.io is not available to Canadian and U.S. residents. Furthermore, users in Italy, U.K., Germany, Netherlands and France have access to only the spot trading on exchange.

As per Gate.io’s announcement on December 19, 2022, Gate US recently has obtained licenses for Digital Asset Trading, allowing the crypto exchange to operate in several U.S. states. Gate.io founder, Lin Han, said that “Gate US has proactively registered as a money services business with FinCEN and obtained some money transmission licenses or similar to operate, and is currently working to obtain more.”

In October 2022, Gate.io and Crypto.com collaborated to expand South Korea’s Busan blockchain ecosystem. FIFA World Cup Qatar 2022, won by Argentina, led by the “G.O.A.T” Lionel Messi’s has seen an investment of $144 million from Crypto.com, as reported by Bloomberg.

Back to Normal

Finally, Gate.io announced that the withdrawals and deposits have been back to normal. The exchange took Twitter to make the announcement:

According to CoinMarketCap, Gate.io is a centralized crypto exchange, which supports 1,400 cryptocurrencies, with over $12 billion daily trading volumes. Recently, Gate.io suspended the deposit/withdrawals of SpaceFalcon (FCON) Token. On November 11, 2022, FCON fell below $0.0002224, the same day Sam Bankman-Fried’s crypto empire FTX shattered.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing