Users of the cryptocurrency exchange Binance from Ukraine complained about the non-working payment gateways and the inability to buy cryptocurrency for fiat money
The reason for the malfunction was gateway overloading
Several users of the cryptocurrency exchange Binance in Ukraine reported about failures in the work of payment gateways. At the same time, the official Binance channel in Telegram reported that “payment fiat gateways in many countries are under maintenance, so buying cryptocurrency for fiat money through bank cards may be difficult”.
At the same time, the President of the Association “Blockchain Ukraine” said that there are no problems with the payment gateways.
“All of the gateways are working. I know personally every finca (ed: financial company) that works with Binance in Ukraine, and they have no problems,” Mikhail Chobanyan reported.
As commented in the cryptocurrency exchange Binance, the team of the exchange always promptly informs users about possible problems, and this case was no exception.
“We at Binance care about our users and try to inform as quickly as possible about all changes on the platform. Yesterday for several hours direct fiat gateways were unavailable in many countries because of the heavy load. The announcement came out to reassure users that the technical team is working on the issue,” said Binance.
According to the official Binance Telegram channel, the problem has already been fixed.
Binance users may have contributed to the collapse of the bitcoin exchange rate
Experts suggest that users of the cryptocurrency exchange Binance may have contributed to the collapse of the bitcoin price. The May 19 price collapse was preceded by a serious inflow of bitcoins to the exchanges. It was the highest since March 2020. Thus, on May 17, the net inflow of bitcoins (BTC) transferred to all cryptocurrency exchanges registered a maximum of $32,274 this year.
“BTC inflows on May 17 on Binance exceeded those of March 2020. Binance is traditionally associated with retail investors. Thus, we can assume that they were the reason for the bitcoin’s fall. Interestingly, immediately after the collapse of the rate, an outflow of funds began, and a significant number of BTC were withdrawn from the exchange,” BeInCrypto previously reported.