Binance, one of the world’s largest cryptocurrency exchanges, announced on Thursday that it will be going offline for the next 12 hours. The announcement was posted onto its support page, which is also down, has raised many concerns among traders and investors who use its platform.
Many users were concerned that the exchange had been hacked, which resulted in the shutdown. Zhao Changpeng, chief executive of Binance, reassured users that the shutdown was not result of a hack.
“We experienced a server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from master. Due the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support.” wrote Changpeng wrote on Twitter.
Changpeng also wrote on Twitter saying he will provide updates every two hours until the exchange is back up.
Binance said that during the period all withdrawals and trading will remain suspended, which has also infuriated many users.
“This is insane! 24 hours of downtime is completely unacceptable!” one user wrote in response to Binance’s tweet.
The concern stems from Japanese-based cryptocurrency exchange Coincheck’s recent hack. The exchange lost a total of 523 million NEM (XEM) coins approximately $534 million at the time of the breach, which Coincheck has said it will refund all affected users.
According to CoinMarketCap, Binance has around $2.1 billion in average daily trading volume and offers almost 200 different types of cryptocurrencies. Bitcoin accounts for over 20 percent of its trading volume followed by ethereum and then NEO.