Binance halts deposits and withdrawals due to technical glitches

Binance halts deposits and withdrawals due to technical glitches

Time Stamp: March 24, 2023 9:18 AM
Source Node: 2541516

Binance, the world’s largest cryptocurrency exchange, has once again suspended deposits and withdrawals on its platform, but this time due to technical glitches affecting its spot trading. In a tweet on Friday, Binance founder and CEO Changpeng Zhao said the issue was due to a bug on a trailing stop order that affected the company’s matching engine.

Immediately after the glitches, Binance took to social media to reassure its customers. “We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible,” the company said in a tweet.

A few minutes later, Zhao explained the cause of the issues saying: “Initial analysis indicates matching engine encountered a bug on a trailing stop order,” he said in a tweet, adding that the pause in deposits and withdrawals was a standard operating procedure.”

In a follow-up tweet, Zhao said “Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up.”

Meanwhile, early this year, Binance temporarily suspended U.S. dollar deposits and withdrawals, the company said Monday, without providing a reason for the decision.“We are temporarily suspending USD bank transfers as of February 8th,” a Binance spokesperson said, noting that “Affected customers are being notified directly.”

Founded in 2017 by Changpeng Zhao and Yi He, the Cayman Islands-based Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. It provides a platform for trading various cryptocurrencies. Binance also provides access to exchange digital currency pairs on the market while maintaining security, and liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.

Binance platform is used by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data, and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

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