Binance Resolves Futures UM Rest Service/API Issues

Binance Futures UM Service Disruption

Binance, one of the leading cryptocurrency exchanges, recently experienced disruptions in its Futures UM Rest Service/API, affecting the user interface and API functionalities. The issue specifically impacted USD-Margined contracts. Binance CEO Changpeng Zhao (CZ) assured users that the team was actively addressing the problem.

Impact on Trading Activities

The disruption in service had a notable impact on USD-Margined futures contracts, although COIN-Margined contracts remained unaffected. Binance promptly communicated that trading activities for USD-Margined futures have now fully resumed.

System Restoration

CZ confirmed that the system has returned to normal operations following the resolution of the issue. The Binance team successfully migrated off the affected servers, ensuring the stability of the trading platform.

Previous Challenges and Regulatory Actions

Binance has faced several operational challenges, including a temporary halt in spot trading due to a bug in the matching engine. Additionally, the exchange is under scrutiny from various regulatory bodies. The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance, and the Australian Securities and Investment Commission (ASIC) recently canceled Binance's derivatives license upon the exchange's request. This cancellation followed an investigation into unauthorized trading levels by some customers.

Ongoing Global Regulatory Scrutiny

These developments are part of a broader pattern of regulatory investigations worldwide, highlighting the increasing scrutiny Binance faces in its operations. The exchange continues to navigate these challenges while maintaining its commitment to resolving technical and compliance issues efficiently.