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Yesterday, Binance fell from its spot as the biggest cryptocurrency exchange by 24-hour trading volume. The reason for this is that the planned system upgrade of the company was extended due to warnings from its risk management system.
Now, the crypto exchange has resumed its operations, as confirmed by a statement released on June 27, Cointelegraph reported. Binance currently sits in second place, with its previous rank occupied by OKEx.
The cause for the extended upgrade remains unknown, as users took to social media to comment on the inconsistencies they’re experiencing with the platform. Crypto exchanges usually encounter technical difficulties like this when their risk management teams see potential weaknesses in their security measures.
For instance, Bitfinex, the fourth largest crypto exchange by 24-hour trading volume, also conducted a lengthy update this month when it noticed irregularities in its system, which were seen as an attempt to hack the company. Whether or not this was the case in Binance’s suspension of activities has not been disclosed.
Meanwhile, during its downtime, two crypto exchanges based in Hong Kong and Singapore, respectively, shot to the top to take over the first and second places. CoinBene and Bit-Z’s temporary rise to power was attributed to their “transaction fee mining” model, in which users receive 100 percent of trading fees back in the form of the exchange’s native currencies.
Through this model, CoinBene and Bit-Z managed to reach 24-hour trading volumes of $2.1 billion and $1.5 billion, respectively. Binance is currently trading at $752 million.
However, just a day after taking over, the exchanges fell from the top two spots, with CoinBene sitting in the 65th place, while Bit-Z is ranked 14th, according to Coinmarketcap. CoinBene is currently trading at $7.4 million, while Bit-Z is at $107 million. As for OKEx, which is currently ranked number 1, the crypto exchange has a 24-hour trading volume of $977 million.
