Recent reports show Gate.io users are experiencing slow deposits and money withdrawals. According to an announcement made last week, the reason behind the slow withdrawal and deposit of money is node maintenance on the Gate.io third-party cloud provider, Alibaba cloud provider. Crypto exchange said that the user funds are safe and all the transactions are being processed now.
The company also added that they are currently monitoring the network connection status of their cloud service providers and will speed up the deposits and withdrawal of money as soon as their network connection is restored.
Gate.io is one of the biggest crypto exchanges worldwide, which is a perfect option for new and inexperienced investors just starting. It has the biggest selection of crypto assets in the crypto industry, with over 1,400 coins. However, due to the recent changes made by the US government in its regulatory environment, the exchange is no longer providing its services to any users in US and Canada.
What makes Gate.io so popular is its plethora of tradable coins and very low market fees, which is very helpful for traders, especially experienced ones, who want to chase down lesser-known coins. On the other hand, this platform offers its users many other services, such as margins, options and many more, which can be helpful for them.
Users experiencing slow deposits and money withdrawals on Gate.io might not be due to OKX’s outage
It is unclear if the Gate.io users’ transactions slowed down because of the OKX’s outage, which was caused due to hardware failure at the Hong Kong centre of its primary infrastructure provider, Alibaba Cloud. Cointelegraph reported that the Alibaba cloud servers went down on Dec 17th and recovered after 15 – 16 hours, during which users could not make transactions.
However, when the OKX services resumed, the Gate.io users on Twitter mentioned that they were still having problems with transactions. Alibaba Cloud services were interrupted a few days after the company introduced their first Blockchain node service. According to the company, their new platform-as-a-service solution will help developers by reducing the operational and maintenance time to another extent.
The company also claimed that this new service would allow their users to node hosts to monitor modes actively and switch in case of any form of an outage. They also added that it does not require hands-on monitoring or problem mitigation. This will allow developers to concentrate on the product manager and thus speed up the pace of the product rollout.
What are your thoughts on the Gate.io deposit and money withdrawal issue? Do you think the OKX’s outage is the reason behind the problem? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.