Seeking Alpha
2023-03-24 13:23:50

Binance temporarily halts spot trading due to bug, CEO says funds are safe

Binance, the biggest cryptocurrency exchange by trading volume, on Friday temporarily suspended all spot trading due to a bug, which it is working to resolve as soon as possible. Binance CEO Changpeng "CZ" Zhao said initial analysis indicated that the platform's matching engine, which matches buy and sell orders, encountered a bug on a trailing stop order. "Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU," CZ tweeted . "Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up," his latest tweet read. Bitcoin ( BTC-USD ) saw a sharp dip in its price as soon as Binance suspended trading, falling to as low as~$27.5K, but has since recovered to ~$27.9K. Earlier, Binance halted British pound deposit and withdrawal services for new users .

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.