Major cryptocurrency platforms such as Binance and KuCoin experienced temporary service outages following an issue with their cloud infrastructure provider Amazon Web Services (AWS).
Binance, KuCoin, and Other Crypto Firms Suffer Trouble Due to Amazon Web Services Outage
The outage, which affected a number of AWS-hosted services, resulted in temporary suspensions of withdrawals and delays in execution of trades across multiple exchanges. Binance acknowledged the issue in an X post, citing a “temporary network outage at the AWS data center.”
“Some orders still succeed, but some fail. If users fail, they can keep trying again,” he said.
Withdrawals on Binance reopened just over five minutes after the issue was first reported. However, similar reports have emerged for KuCoin users, who continue to encounter intermittent issues when making transactions.
The impacts were not limited to centralized exchanges, with crypto wallet provider Rabby and on-chain analytics platform DeBank also issuing warnings that their services were completely unavailable due to the same issue with AWS.
AWS Outage Ripple Effect
AWS, a cloud computing giant owned by Amazon, supports a range of infrastructure needs from web hosting and application services to data processing.
When AWS faces a service outage, a wide range of internet-dependent platforms could be affected, especially in crypto, where real-time data processing is crucial.
While the full scope and cause of the AWS issue remain unclear, the impact underscores the industry’s reliance on centralized infrastructure to run decentralized financial applications and platforms.
Binance has since restored core services, but noted that they continue to monitor trading functionality and performance to ensure stability.
Users are advised to follow official communication channels for further updates as the affected platforms regain full operational capacity.
*This is not investment advice.
