India may issue a blanket ban on all cryptos, statements from top officials indicate. However, the government is drafting a new bill that would allow for the private use of cryptos. Just last week, the country introduced a Cryptocurrency and Regulation of Official Digital Currency Bill 2021. The bill spooked investors, as it was identical to the draft of the 2019 bill to ban crypto. The bill wrote that it intended to "create a facilitative framework" for India's official digital currency. To…
Following the speculation making rounds stating Binance was hacked, the company’s CEO, Changpeng Zhao, disputed the claims while assuring the community that funds on the trading platform are safe.
Zhao clarified the issue by showing the error originated from the data transmission issues experienced by one of their partners. He said nothing has interfered with its matching engine and the system is still genuinely corruption-free. Trading has been paused on the exchange’s platform, says the CEO.
Binance admitted to not announcing unscheduled maintenance that was ongoing when the problem arose. Based on previous announcements, such unplanned maintenance patches are aimed at arresting high-level errors. Nonetheless, Binance always announces unscheduled maintenance for damage control before anything.
There are consequences for such errors if not addressed immediately. Binance released a statement that explained the temporary maintenance process that was underway. The exchange went on to suspend all processes except its futures trading during the temporary maintenance.