Binance suspends trading on its platform due to a bug

The crypto exchange Binance meets a problem with its matching engine and a suspended the trading spot and withdrawals.

This Friday, a little after noon, Binance stated that a ” problem ” was affecting its cryptocurrency exchange platform.

We are aware of an issue affecting spot trading on Binance. All cash trading is currently temporarily suspended as we work to resolve this issue as soon as possible.” tweeted exchange.

The CEO of Binance, Changpeng Zhaoreported about 20 minutes later that the company’s initial analysis indicated that the correspondence engine of the platform had met “a bug on a trailing stop order”.

“Recovery. Is 30-120 min ish. Awaiting more specific ETA. Deposits and withdrawals are paused as SOP (standard operating procedure). Funds are SAFU,” added CZ seeking reassurance.

Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.

Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏 https://t.co/mvtGQ3JlMA

– CZ 🔶 Binance (@cz_binance) March 24, 2023

Update 3/24/2023 at 2:46 PM: Binance said the trading would resume at 3 p.m. (French time).

“Temporary system maintenance is complete. All trading will resume at 14:00 UTC. You can now cancel orders, process deposits, trade on P2P, etc. Withdrawals will resume shortly after the start of spot trading, wrote the exchange.

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