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Crypto exchange Binance temporarily suspended deposits, withdrawals and spot trading services due to a bug affecting its trading engine.
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.
— CZ 🔶 Binance (@cz_binance) March 24, 2023
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏 https://t.co/mvtGQ3JlMA
On Friday, Binance CEO Changpeng Zhao tweeted that the exchange’s matching engine encountered issues on a trailing stop order. Subsequently, Binance disabled asset transfers as part of its standard operating procedures.
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CZ reassured the community that the software bug will not impact token prices, adding,
“If it moves on smaller exchanges, when Binance comes back, our deeper orderbook will bring the price back, causing those guys to lose money. Traders know this.”
As per its latest blog post, Binance has finished the system maintenance. As of writing, the exchange has re-enabled deposits, internal transfers and order cancellation facilities.
The exchange will also resume withdrawals once it enables spot trading. However, trailing stop orders will remain suspended on its platform. The CEO of Binance claimed that Binance will cancel open trailing orders and notify users with outstanding trailing orders via emails.
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