CZ Addresses Issues With Binance Futures UM Rest Service/API

  • CZ assures that only Futures UM (USD-Margined) contracts were affected.
  • According to the latest announcement, USD-Margined contracts have resumed trading.

One of the largest cryptocurrency exchanges, Binance, has recently addressed ongoing issues with the Futures UM Rest Service/API. Changpeng Zhao, the CEO of Binance, also took to Twitter to address the issue.

CZ stated that the ongoing issues were affecting the UI and API. He also mentioned that the team is working on it. Binance also tweeted about it and stated that they were aware of the issues affecting some Binance Future users.

The exchange and CZ assured that Futures CM (COIN-Margined) contracts were not affected by the issues, and only UM (USD-Margined) contracts were affected. According to the latest announcement by the exchange, USDS-M futures trading has now fully resumed.

According to the details from the announcement: “Binance Futures has fully resumed trading activity for USDⓈ-M futures at 2023-04-10 07:40:00 (UTC).”

CZ also confirmed that the system is back to normal, as he assured that the team has migrated off the affected servers.

Binance has experienced several disruptive events in its trading operations, including the temporary suspension of all spot trading on the platform due to a bug in the matching engine for trailing stop orders. Additionally, Binance faced a lawsuit from the U.S. Commodity Futures Trading Commission (CFTC) and received regulatory action from Australian authorities.

The Australian Securities and Investment Commission (ASIC) has announced that it has canceled Binance’s derivatives license at the exchange’s request. Binance had been under review by ASIC since February, when the exchange revealed that a “small number” of customers were trading at a level above what was allowed. This cancellation adds to the growing number of regulatory investigations that Binance is facing globally.

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