Binance Sort Out its System Issue Within Three Hours

• Binance faces issues with Futures UM Rest service/API.
• No impact on the Futures CM contracts.

The largest cryptocurrency exchange in the world, Binance, reported that its “Futures users were experiencing some wide problems with the platform.” It stated that its team is attempting to find a solution and that users will receive updates as they become available.

Changpeng Zhao (CZ), CEO of Binance, made the announcement on Twitter. CZ stated that Binance has had several problems with Futures’ UM Rest service/API. He continued that turbulence has no impact on Futures CM (COIN-Margined) contracts. This indicates that only UM (USD-Margined) Contracts are impacted.

However, after three hours of insolvent API issues, the crypto exchange Binance system is back to its normal stage, according to CZ’s recent tweet. But the reason behind the issue hasn’t been mentioned, and till now it’s unknown. Further, until now, there hasn’t been any sort of decline in the cryptocurrency market. The global market holds a market cap of $1.19T, which increased about 1.09% in the last 24 hours.