On Friday, March 24, the Binance cryptocurrency exchange announced the suspension of spot trading due to an unknown issue.
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
“[…] We are working to resolve this issue as soon as possible,” the message says.
The head of the exchange, Changpeng Zhao, clarified that the initial analysis revealed a “strange” error in the trailing stop order mechanism. According to him, the exchange stopped deposits and withdrawals of funds as part of the standard operating procedure.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). recovery. Est 30-120 minish. 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
“Estimated time [решения проблемы] “30-120 minutes,” Zhao added.
The CEO of Binance said that the team partially solved the problem.
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 minutes in. So, replay/reconciliation takes a bit longer.
— CZ
Maintenance on Binance has ended and trading will resume at 14:00 (UTC). Users can already cancel orders, make deposits, and more.
You can cancel orders now. Trading resumes at 20 min, at 6PM Dubai time.
» Binance Temporary System Maintenance Complete (2023-03-24) | Binance Support https://t.co/orAYziTMyx
— CZ
The price of bitcoin reacted with a weak fall. Over the past hour, quotes have fallen by 0.3%, according to CoinGecko. At the time of writing, the first cryptocurrency is trading just above $28,000.
In December 2022, Binance suspended withdrawals for a number of assets and restricted some users’ accounts due to “anomalous price movements in certain trading pairs.” Then the list included SUN, ARDR, OSMO, FUN and GLM.
Previously, the platform had to temporarily block the function of making deposits in USDT and USDC stablecoins issued on the Solana network without explanation.
In May 2021, the cryptocurrency exchange suspended the withdrawal of all assets for a while. Binance representatives did not say why they made this decision.
Recall that in March 2023, the OKX bitcoin exchange informed users about interruptions in work, but quickly returned to normal mode.
Prior to this, BitMEX announced the suspension of trading. The reasons for the failure were not disclosed by the company.
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