The CEO of Binance tweeted an acknowledgment of the issues that surfaced in the past few hours:
Binance reassured its customers in a tweet stating:
CZ says that the issues on Binance came from scaling when BTC went up by 5%, with the traffic increasing in tandem. He said that the issues were resolved, but he later admitted that it still could be some “latency issues here and there.”
Coinbase faced similar issues in the past with the exchange going offline when Bitcoin fell from the $10K to $8K range in a few hours. By that time, Coinbase stated that it had experienced connectivity issues again.
But when Bitcoin soared above $10K, the exchange claimed that it added a “number of improvements” to avoid issues. Some of it included fixing the “health endpoint,” among others. Coinbase is to reveal equal solutions for the issues that the exchange has been facing.