Because of a bug, the Binance platform suspended spot trading for the customers.
Binance is a top-ranked popular crypto exchange by trade volume. Around 80% of crypto trade in the crypto sector happens on the Binance platform. The services of the Binance exchange are available in almost every field of the crypto sector. Binance also provides a fully decentralised & fast crypto ecosystem with its Binance smart chain (BSC) network, with fully smart contract-enabled features.
On 24 March 2023, Binance CEO Changpeng Zhao (CZ) confirmed that an unexpected bug caused the issue in the general spot trading services on the Binance exchange, and that is why Binance suspended spot trading temporarily and it may take around up to 2 hours.
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). Funds are #SAFU.
https://t.co/mvtGQ3JlMA
— CZ
Binance (@cz_binance) March 24, 2023
At the time of publication of this article, Binance’s CEO confirmed that Binance will resume spot trading at 6 PM Dubai time, as the issue has been fixed.
You can cancel orders now. Trading resumes in 20 min, at 6PM Dubai time.
» Binance Temporary System Maintenance Complete (2023-03-24) | Binance Support https://t.co/orAYziTMyx
— CZ
BNB coin
BNB is a native coin on the BSC network. This negative news failed to impact the trade price of this coin.
Few reports noted that it was a very big bug, despite minor, for the Binance exchange because the reputation of this exchange is very big and such an incident will surely create some negative rating over its services. Earlier this, a bug caused a significant impact on the trade price of Bitcoin on its Independent subsidiary BinanceUS.
Read full story here Bitcoin Crashed 87% On Binance’s U.S. Exchange Due To Algo Bug
Read also: Finally Luna coin creator arrested
