Urgent: Technical failure strikes the world's largest cryptocurrency exchange..# and the company announces its repair. The cryptocurrency trading platform "Binance" announced on Friday that it has resumed all futures trading operations on its platform, following a technical malfunction that briefly suspended service earlier.
Binance added: "The issue affecting Futures UM trading on the platform has been resolved," referring to the service that allows users to settle cryptocurrency futures using stablecoins like USDC and USDT.
The world's largest cryptocurrency exchange confirmed that "all futures trading operations are now fully operational."
The interruption led to traders being unable to close or manage their positions, raising concerns in the derivatives market where Binance controls a large share of global trading volume.
The UM service, launched in 2022, allows users to aggregate margin assets across contracts and various types of collateral, meaning its suspension has broader implications than just a disruption of a regular product.
The value of open positions on cryptocurrency futures contracts on Binance exceeds $40 billion as of Friday morning. Previous outages on the platform, which have often been linked to technical bottlenecks during periods of extreme volatility, have typically ranged from less than an hour to several hours.$BTC $ETH #BinanceHODLerMITO
