Binance Suspends Trading Due To Major Bug; CEO CZ Details Reason For Sudden Halt

Leading cryptocurrency exchange Binance has temporarily halted deposits and withdrawals on its platform due to issues impacting its spot trading.

The exchange's CEO, Changpeng Zhao, revealed in a tweet on Friday that a bug had been detected in the matching engine of a trailing stop order.

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

As a standard operating procedure, the exchange has paused deposits and withdrawals while the issue is being resolved.

Also read: FTX Set To Reclaim $460M From Bahamas-Based Hedge Fund In Settlement

This follows Binance's decision last week to halt sterling deposits and withdrawals, which came a month after the exchange ceased dollar transfers.

Binance tweeted that it was aware of the issue affecting spot trading and has temporarily suspended all spot trading as their developers work to resolve the problem.

Next: Billions At Risk As Catastrophic Flaws Found In Dogecoin And 280+ Crypto Networks