Binance support will be extremely busy today following the earlier news of the exchange being down for maintenance on backend systems. However the delay has now been extended to over 6 hours from the original 1 hour downtime. FUD has ensued as Binance failed to notify Telegram groups of the downtime.
Following the recent news related to the downtime expected today for maintenance, CZ ensured that everyones funds are "Safu"
#Binance System Maintenance Extension— Binance (@binance) October 19, 2018
Due to a longer than expected data synchronization, Binance’s ongoing system maintenance will be extended by another 6 hours. Our team is working hard to complete the maintenance as quickly as possible.https://t.co/WhrQ5d1rvE
However the delay has now been extended to over 6 hours of maintenance. What makes it even worse, is that the announcement telegram channel are currently travelling and do not have access to Telegram. Causing everyone on Telegram to be left in the dark about the maintenance, Binance
How about the Telegram Announcement channel that is listed on your website? Why were these announcements not put on there? Not safe as well?— Rainier (@rainierlien) October 19, 2018
Both people who has access to the Announcement TG channel are airborne now. Embarrassing, our oversight when booking travels. https://t.co/pnfOnpkupq— CZ Binance (@cz_binance) October 19, 2018
worst case, we lose a TG channel. Honestly didn't think about redundancy of this particular item to that extent. Lesson learned.— CZ Binance (@cz_binance) October 19, 2018
CZ has been tweeting updates and information regarding the maintenance updates for the past several hours, keeping everyone on Twitter up to date. CZ gave more information regarding the downtime stating that three levels of resync are required due to a large dataset and complex distributed in-memory matching architecture. "Full resync was what we did back in Feb, it took a long time. We optimized since, but data also grew." said CZ.
To add a bit more info, due to the large dataset and complex distributed in-memory matching architecture, we have 3 levels of resync. Quick, mid (2nd level), and full. Full resync was what we did back in Feb, it took a long time. We optimized since, but data also grew.— CZ Binance (@cz_binance) October 19, 2018
CZ also notes that they will mitigate any manipulation when trading opens by allowing customers to cancel trade orders before commencing, just in case prices drop drastically or vice vice-versa.
yes, we will allow some time to close open orders before resume trading.— CZ Binance (@cz_binance) October 19, 2018
will do. Also I was told that, when a big exchange halts trading, prices usually don't move much. The depth on the big exchange will pull prices back when they resume. Traders know this.— CZ Binance (@cz_binance) October 19, 2018