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Binance Faces Tech Issue, Team on It, Here’s What’s Happening

Tue, 09/12/2023 - 09:41
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Yuri Molchan
Largest crypto exchange by volume has faced trading tech issue
Binance Faces Tech Issue, Team on It, Here’s What’s Happening
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Binance exchange and its founder and CEO Changpeng Zhao (known to the community simply as CZ) have announced that the platform has faced a technical issue with USDT-margined futures trading.

No details have been shared; however, CZ stated that the Binance team is busy trying to fix the problem with futures contracts trading.

In the recent years, Binance has often faced tech issues and suspended trading operations for several hours, but its team has often solved those problems quicker than that.

Binance loses streak of high-ranking executives

A week ago, CZ commented on the exodus of several top managers from Binance. The CEO wrote on X that they are growing into bigger roles somewhere outside Binance.

CZ urged the community to ignore the FUD (an acronym for fear, uncertainty and doubt) spread by haters and to focus on building.

One of the top managers, Gleb Kostarev, was in charge of Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia and New Zealand. The other, Vladimir Smerkis, was head of the CIS region. He took to Facebook to announce that he was quitting his position at Binance.

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That was not it, however, as Binance continued to lose managers from high positions. Following the two aforementioned top-tier executives, Helen Hai, who was in charge of Binance's global fiat business, also left the company. None of them provided any comment to media as to where they are heading, leaving Binance behind.

Mayur Kamat and Leon Foong, Binance's former global head of product and the latter working in the Asia-Pacific region, also called it quits.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at