Cryptocurrencies
Crypto Exchange Binance Says Its Systems Are Under Stress
- Binance CEO says it almost ran out of Dogecoin addresses
- Bitcoin soared after Musk added a reference to his Twitter bio
Changpeng Zhao told Bloomberg, “We almost ran out of DOGE coin addresses.”
Photographer: Akio Kon/BloombergThis article is for subscribers only.
Binance, the world’s largest cryptocurrency exchange by volume, said a rush of new users put its systems under stress, forcing it to briefly suspend withdrawals.
Chief Executive Officer Changpeng Zhao said that user sign-ups and trades jumped to a record high. Crypto prices surged on Friday after Tesla Inc. founder Elon Musk added a reference to Bitcoin to his Twitter profile and posted a mock magazine cover of a whippet in a red sweater, which users interpreted as a sign of support for Dogecoin.