No you’re not alone, tons of people (maybe over a million) are currently locked-out of their Binance accounts

binance-logo

Binance, one of the most popular global cryptocurrency exchanges is currently having some technical difficulty with their two-factor authentication system (specifically via SMS). This means that a ton of people are now locked out of their accounts, at a time when just about every cryptocurrency is down. People are going nuts on Twitter but so far Binance has been radio silent about the bug.

binance-sms-down

Of course, given that the #1 mantra in the cryptocurrency world is HODL, it seems Binance has inadvertently created the next generation of HODLers for the time being. Given the incredible volume that exchanges like CoinBase, Binance, Bitrex and others have seen it’s not too surprising that there’s a technical glitch.

Binance saw so many new user registrations in December that they had to temporarily disable new registrations. The service now boats over five million users and once they open registrations back up again I’m guessing they’ll be at ten million in no time. Given that I already have an account on Binance I also haven’t checked so maybe they switched it back on and that’s somehow related to the issue they’re seeing now, who knows?

This is also why so many people are staying out of the crypto game for now. Companies like Fidelity and Charles Schwab have ironclad policies that protect your money and make sure you can easily access and trade with your account. The cryptocurrency world is still the wild west and many speculators (notice I didn’t say investors? I thought you’d like that) are taking on multiple layers of risk with both incredible market volatility and buggy exchanges with questionable security measures.

coin-market-cap-1-11-2018

(Source – CoinMarketCap.com)

As you can see from the chart above just about every cryptocurrency is down today which likely means there’s a lot of people trying to login to their Binance account, and likely for different reasons. As we’ve seen over the last few months, at times like this those who put their life savings into crypto begin panic selling, and those who have been in it for a while now start buying…but for now, both sides are going to just have to sit it out until Binance can get this fixed.

I’ll be honest in saying that I am a bit disappointed that Binance hasn’t mentioned anything about this bug on their Twitter account or blog. Given that a huge portion of their user base (likely millions of people) can’t login, this seems like a pretty big deal. Still, like I said above, this is still the wild west and it will be for the foreseeable future, and in the wild west…things like this do happen.

{ 7 comments… add one }

  • BullS January 11, 2018, 7:14 pm

    All roads lead to Hacking…
    China, Russia , N Korea

    Bye bye Bitcoins!! or whatever it is.

    Reply
  • Anunt January 11, 2018, 8:11 pm

    It might be a scary situation but…
    This is a good thing…
    It just proves that we are early investors.
    And if you can just hold on and be patient, you will be very happy.
    I wish I held on to my bitcoins that I bought in 2012.
    I wish I held on to my aapl Apple stock.
    I wish I held on to my Locals.com domain and all the 3 letter domains.
    Only if I would have just been patient…

    Reply
    • Amr January 15, 2018, 1:34 pm

      Locals.com is amazing domain. How much you sold it for?

      Reply
  • steve brady January 11, 2018, 8:37 pm

    99.9% sure only smart-phones are having this problem. Might wanna get a $5 flip-phone from TracFone as backup to receive SMS codes. It appears those locked out are using Android or iPhone. For the purposes of trading on the Binance platform using a desktop or laptop, Google and Apple’s mobile operating systems are an unneeded component of the equation, so better take them out of the loop. Happy to help when I can!

    Reply
    • Morgan January 14, 2018, 11:20 am

      @Steve – wasn’t just smart phones, had the same issue on my Mac and PC along with a ton of other ppl. Luckily Binance fixed it so I was able to login later that night…still a bit scary either way.

      Reply
  • John M January 11, 2018, 9:16 pm

    Where there’s smoke there’s fire. People need to remember Mt. GOT

    Reply
  • Morgan January 11, 2018, 11:43 pm

    Update: the issues has now been resolved. I’m going to switch from SMS to Google Authenticator myself…

    Reply

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