Binance, the world’s leading cryptocurrency exchange, recently faced an unexpected issue, prompting the platform to temporarily suspend spot trading services as of this morning.
This interruption affected a large number of traders who rely on Binance for their digital currency transactions. As the platform is well-known for its extensive range of cryptocurrencies and high trading volumes, the suspension had a noticeable impact on the crypto market. Binance’s technical team worked diligently to identify and resolve the issue, with the aim of minimizing disruptions and ensuring the platform’s integrity and security for its users.
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 Twitter
In the tweet, Binance “Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA. Deposits & withdrawals are paused as a SOP (standard operating procedure).” and further confirms funds are safe.
Binance’s BNB token is down 331.8 to 323 with the news. The overall liquidity of the crypto market has dropped but should pick it back up once the exchange starts working back again. Crypto user appreciate the transparency Binance has been providing about the downtime.
You may be also interested to read more about
- Binance Braces for Potential Fines from US Regulators
- SEC Cracks Down on Binance.US for Operating as Unregistered Securities Exchange: Will Cryptocurrency Survive Regulatory Onslaught?
- Federal Reserve Chairman Jerome Powell’s Bold Endorsement: Proper Regulation Could Unlock Stablecoins’ – Potential in Financial Sector
- Silvergate – Cryptocurrency-focused Bank is in a Pickle
- Hong Kong plans to make crypto purchase and trading legal for all of its citizens
- Crypto Industry is Under Siege by Regulators
- Empowering Crypto Investors: Binance Joins Forces with Law Enforcement in Powerful Anti-Scam Campaign
Subscribe To Our Newsletter
Join our mailing list to receive the latest news and updates from our team.