Cryptocurrency exchange Binance temporarily halted deposits, withdrawals, and spot trading on its platform after identifying a bug in its matching engine.
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.
New updates will be shared here. — Binance (@binance) March 24, 2023
Binance CEO Changpeng Zhao announced the pause in a tweet, explaining that the issue was connected to a trailing stop order and that it was a standard operating procedure.
"Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish," Zhao tweeted. "Deposits & withdrawals are paused as a SOP (standard operating procedure)."
The world's largest crypto exchange has recently experienced multiple service suspensions, including ceasing dollar transfers and halting sterling deposits and withdrawals last month. The Justice Department is reportedly investigating Binance for potential money laundering and sanctions violations.
As Binance worked to resolve the spot trading issue as quickly as possible, Bitcoin experienced a slight sell-off, dropping from $28,000 to below $27,300. Zhao assured users that the problem would be resolved within 30 to 120 minutes, emphasizing that pausing deposits and withdrawals was a safety measure.