Binance Temporarily Suspends Spot Trading

The popular cryptocurrency exchange Binance has temporarily suspended spot trading due to an issue on the world’s most-used trading platform for cryptocurrencies. Binance tweeted that they are aware of the issue and are working to resolve it as soon as possible. The CEO of Binance, Changpeng Zhao, also tweeted that the issue is expected to be resolved in the coming hours and that the trading pause was a safety measure.

Zhao provided further details about the issue, saying that the matching engine encountered a bug on a trailing stop order. A trailing stop order is a type of order that allows traders to automatically adjust the stop loss level based on the price movement of an asset. Zhao called the bug a “weird one” but stated that the team is recovering from it. He estimated that it would take 30 to 120 minutes to fix the issue.

Binance has a standard operating procedure (SOP) in place for situations like this, which includes pausing deposits and withdrawals to prevent any further issues. The exchange has experienced similar technical issues in the past and has been proactive in communicating with users and resolving the issues quickly.

UPDATE:

A portion of Binance’s system is already operational again according to CZ, but it may take a little while to fully propagate across the entire app.

UPDATE #2:

Looks like the situation will be resolved in the next 60 minutes

UPDATE #3:

Trading to resume in 5 minutes at 2:00 PM GMT, trailing stop will remain closed for the time being.

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