FacebookTwitterLinkedInTelegramCopy LinkEmail

Binance Halts Spot Trading due to Technical Issue

Binance Halts Spot Trading due to Technical Issue

Binance, the world’s largest cryptocurrency exchange, has encountered issues with spot trading on its platform.

The exchange announced via its official Twitter account that all spot trading transactions have been temporarily suspended due to the problem.

The CEO of Binance, Changpeng “CZ” Zhao, later took to Twitter to provide additional information on the matter.

According to CZ, the issue appeared to be a bug with the matching engine, which was discovered on a trailing stop order. He stated that the bug is expected to be fixed within 120 minutes and that deposits and withdrawals have been paused as standard operating procedures.

CZ also reassured traders and investors that their funds were safe, using the hashtag #SAFU.

As the pause in spot trading, deposits, and withdrawals continued, CZ continued to tweet to calm concerned traders and investors. He referenced the need for transistor engineers to physically remove bugs from systems in the 1940s to maintain operations, implying that the issue was a standard occurrence that was being addressed.

CZ also downplayed the issue’s potential impact on the market, stating that prices won’t move much when the biggest exchange halts trading. He further argued that when Binance resumes trading, their deeper order book will bring the price back, causing some trades elsewhere to lose money.

READ MORE: US Government Will Try to Cut Off Bitcoin Access Amidst Banking Crisis – Former Coinbase CTO

About an hour after Binance publicly announced the issue, the exchange partly restored the issue. CZ announced on Twitter that engine one was back online, but more time was needed to do reconciliations and for other engines to catch up.

While the issue appears to be getting resolved, the incident serves as a reminder of the importance of trading on reputable exchanges and diversifying cryptocurrency holdings.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

Learn more about crypto and blockchain technology.