Crypto exchange Binance has encountered significant problems with spot trading on the platform.
On March 24, Binance suspended all spot trading transactions, according to an announcement on Binance's official Twitter account.
โWe are aware of an issue affecting spot trading on Binance. Currently, all spot trading is temporarily suspended while we work to resolve this as soon as possible,โ Binance wrote.
Subsequently, Binance CEO Changpeng Zhao took to Twitter to report that initial analysis indicated bug issues with the matching engine.
โDeposits and withdrawals are paused as standard operating procedure. Funds are #SAFU,โ CZ wrote.
Initial analysis indicates that the matching engine found an error in a trailing stop order (a strange one). Recovery. It's 30-120 min ish. Waiting for a more precise ETA.
Deposits and withdrawals are paused as SOP (Standard Operating Procedure). The funds are #ROW. https://t.co/mvtGQ3JlMA
โCZ Binance (@cz_binance) March 24, 2023
This is a developing story, and more information will be added as it becomes available.
