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
Binance (@cz_binance) Crypto giant Binance temporarily suspends withdrawals and spot trading by Manish Singh originally published on TechCrunch
https://techcrunch.com/2023/03/24/crypto-giant-binance-temporarily-suspends-spot-trading/
