If you’re new to cryptocurrency and have been considering investing in the digital money world, you may want to hurry up. The well-established cryptocurrency exchange, Binance, recently announced it will not be able to accept new traders. The company is considered by many to be one of the most user friendly exchanges, especially for new investors.
Binance made the announcement yesterday that is had suspended client registration. The company explained to all prospective clients that, “Due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade.”
Many other Bitcoin exchanges have shut their doors to new clients as well. Bitfinex, CEX.IO, and Bittrex have all made similar announcements, citing difficulties with handling the overwhelming influx of new business. Other exchanges, including Kraken, have expressed difficult challenges in operations, as a result of all its new users.
For those less knowledgeable about digital money and the exchanges that handle its transactions, Binance is one of the most popular global exchanges. It recently boasted that it had become the biggest crypto trading venue across the globe by volume, with $2.8 billion traded daily. The company also shared that it had acquired 2.9 million users on the platform in 2017.
The Hong Kong based exchange supports several languages including Chinese, English, Japanese, Russian, Korean, Spanish, French and German. It also provides instant exchanging between 96 types of cryptocoins and Bitcoin, Tether, Ethereum, and its own native BNB token.
While the team behind Binance believes its tremendous growth is due to its technology, service, and affiliates, many people express the opinion that its relaxed and simple client verification process might be part of the reason as well. Whatever the case may be, the company is no longer able to keep the same pace as it has been, without upgrading its infrastructure.
Details have not been shared yet as to when the upgrades will be completely finished.