Crypto giant Binance temporarily suspends withdrawals and spot trading

1 year ago 98

Binance, the world’s largest crypto exchange, has temporarily suspended all spot trading, deposits and withdrawals citing an “issue” that it’s working to resolve.

“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one),” Binance founder and chief executive Changpeng Zhao said in a tweet, adding that the firm expects things to recover within two hours.

Binance commands over 60% of all crypto spot volume. It has also increased its market share of Bitcoin spot volume to over 90% in recent quarters, thanks to zero commissions, according to according to Arcane Research.

Bitcoin fell 1% to $27,649 and Ethereum fell 2% to $1,751 on the news before recovering slightly.

Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up.

We were a bit unlucky with this bug. Our engines take hourly snapshots. This bug happened 57 min in. So, replay/reconciliation takes a bit longer.

— CZ Binance (@cz_binance) March 24, 2023