IF you’re a Binance customer, and you suspect the crypto exchange is down or that payments are suspended, we explain how to check.
As of April, Binance was the world’s biggest Bitcoin and altcoin crypto exchange by volume.
Its users complete more than 1.4million transactions per second, according to its website.
However, potential investors should be aware that it’s not a guaranteed way to make money and you could actually lose all the cash you put in.
Cryptocurrencies are highly volatile, meaning their values can go up or down with no notice.
In other words, never invest more than you can afford to lose and don’t put money into something you don’t understand.
5 risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
Is Binance down?
Binance is currently operating as normal, with no users reporting issues, according to outage tracker DownDetector.
In comparison, more than 100 people reported issues on May 19.
Of these, 43% struggled with logging in, 43% had issues with the website and the remaining 14% were complaining about transfers.
How to check the service status of Binance?
Binance doesn’t have a service status page for users to check whether it’s down or not.
Instead, it often posts on its social media channels about planned maintenance work and updates its website too.
For example, before maintenance work on April 20, it published guidance on its website the day before on April 19.
Another way to check whether Binance is down is to use DownDetector, which tracks complaints and outages across the globe.
If you’re keen to know whether other users are affected by an outage, it could also be worth searching on Twitter.
Your rights if payments are suspended
Whether Binance is down completely or not, the site sometimes suspends payments and withdrawals.
Trading disruptions do happen on the cryptocurrency markets, where there is scant regulation in comparison to stock exchanges.
In February, Etoro customers were locked out of their accounts just as the cryptocurrency markets crashed.
Meanwhile, Coinbase recently disabled Ethereum withdrawals temporarily.
The frequency can cause problems to customers, who’ll be unable to withdraw their investments during suspensions.
Due to the volatility of cryptocurrencies, you may find that the value of your investments plunge during suspensions – and you typically won’t be able to do anything to stop it.
However, when Binance suspended withdrawals in April, users had a 30-minute window afterwards to cancel orders, process deposits and transfer funds before trading resumed.
If you’re worried about suspensions, keep an eye out on its website and social media channels.
Which cryptocurrency coins are available on Binance?
Binance allows international users to trade more than 500 cryptocurrencies, although only 52 are available to US customers.
It supports most of the well-known cryptocurrencies including Bitcoin. Ethereum, Litecoin and Dash.
Binance users also have access to smaller currencies such as Dogecoin and Harmony.
The platform allows withdrawals in a wide range of currencies, including US dollars, Euros and British pounds.
This week, the UK’s financial regulator, the Financial Conduct Authority, banned Binance from operating in the UK.
It’s so far one of the most significant moves by any global regulator against the digital asset firm with subsidiaries around the world.
Binance’s major rivals are Kraken and Coinbase – the latter which went public in the US in April.
In January, the UK’s Financial Conduct Authority warned that households risk losing ALL of their money if they invest in cryptocurrencies.
Meanwhile, a Russian 27-year-old recently became the world’s youngest crypto billionaire after his cryptocurrency Ethereum surged in value.
Who are Dogecoin’s founders? We explain all you need to know.
El Salvador makes history by being first country to approve BITCOIN as legal tender