Binance has made its reputation in the market and stands among the top cryptocurrency in the world. The exchange was created in 2017 by its founder and CEO, Changpeng Zhao also called CZ in the crypto Industry. Many users are not aware of the fact that Binance is a combination of the words ‘Binary’ and ‘Finance’. This Malta-based exchange has been accepting and targeting the U.S. market since its inception and now has its own Binance US. which is comply with local regulations.
Working process of Binance
- Binance users can operator the exchange on two different levels depending on their status, i.e., whether they are verified or not.
- Users come under the category L1 has a daily withdrawal limit of 2BTC but it can be exceeded to a higher value (on L2) by undergoing through a simple verification process.
- Though there are not any additional benefits with this verification, besides the less chances of a future identity checkout when a broker considers your behaviour as doubtful.
Reasons behind Binance not working
It has been observed that Binance users face the issue of non-functionality plenty of times. Here are the few reasons which can be the reason behind Binance not working behaviour:
- Sometimes the exchange gets halted in order to resolve technical error. The technical error could be inadequate system maintenance. Under such error, the exchange blocks most of its activities. This incident happened in February month when the exchange was unable to perform “deposits, withdrawals, spot trading, margin trading, and P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets”.
- Most of the time, the exchange face Binance server down error and this error is totally from the backend and users can’t play any role in resolving it. Under this error, Binance down status comes and user is unable to operate any kind of trading activity on the platform.
- There are other issues like when you enter the login email ID with password and entering the wrong password, after some attempts, users are unable to operate the exchange and get nervous.
If you ever come across such issues and don’t know what to do next, you need to relax first and don’t get panic. Under such errors, you can look for solutions and solve the error stepwise.
The exchange has started accepting debit card payments and soon will launch 180 fiat currencies in 2020. Besides this, the exchange is also planning to launch its Venus Project soon which will be a great competition to Libra, a Facebook product. The exchange has recently coordinated with Indian-based exchange and has open fiat payment options for its users. At present, the exchange has the second highest daily trading volume in the world. In such a short span, the exchange has managed to reach the highest space in the crypto market and coming with innovations and solutions on monthly basis giving a tough competition to its users and spreading its magic across the world.