Cryptocurrency Exchange Binance Stops New Registrations for Technology Update
Several cryptocurrency exchanges have been dealing with a lot of issues this year in maintaining their platforms functional. The high popularity of several digital currencies has also made it difficult for exchanges to keep up with the demand.
Some cryptocurrency exchanges have experienced unexpected shut downs, while others planned technological updates to make sure that their platforms will not go down.
Well, another exchange seems to be dealing with some issues and that is popular exchange Binance. The company announced that it has disabled new user registrations for the moment.
This means that new users cannot access Binance. The official announcement was made by the cryptocurrency exchange today and the function for client registration became immediately unavailable. The company also informed prospective clients about its decision. Of course, the ban is temporary and the company expects the function to be available as soon as possible.
Why did Binance stop client registrations?
The company also revealed the reason why it cannot accept new users. According to Binance, the high popularity it has experienced in the most recent period of time has made an infrastructure upgrade a must. Thus, the function was temporarily stopped to leave room for the infrastructure upgrade.
As already mentioned, several other cryptocurrency exchanges have made similar decisions to the one taken by Binance.
A series of big exchanges have claimed that they could not deal with the massive request from the market. Some were dealing with serious operational issues, while others stopped new client registration to make updates before starting to deal with such problems.
However, some market analysts claimed that they did not expect Binance to be on this list, as it is actually one of the most popular exchanges at the moment. And it is definitely one of the biggest with a trading volume of $2.8 billion in daily trades.
Still, an important thing worth to be mentioned is that Binance's number of users has also grown a lot. The platform currently has 2.9 million users. Binance was created in July, 2017.