Cryptocurrency exchange Binance has had serious problems with spot trading on the platform.
On March 24, Binance suspended all spot trading, according to an announcement from the official Binance Twitter account.
“We are aware of an issue affecting spot trading on Binance. All things related to spot trading are temporarily suspended while we work to resolve it as soon as possible,” Binance wrote.
The CEO of Binance, Changpeng “CZ” Zhao, later took to Twitter to report that initial analysis indicated issues with the matchmaking engine. He noted that the error was discovered in a trailing stop order and is expected to be fixed within 120 minutes.
“Deposits and withdrawals are paused as standard operating procedure. Funds are #SAFU”, CZ wrote.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). recovering. It’s 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 all spot trading, as well as deposits and withdrawals, have been paused on Binance, Zhao continued to tweet to calm down concerned investors and traders. He referred to microtransistor engineers who had to literally remove bugs from systems once in a while in the 1940s to maintain operations.
A little trivia while we wait. Debugging. In the 1940s, when “chip” circuits still use big transistors. Insects often get in (because it’s warm) and short circuit things. Engineers have to periodically remove the bugs, thus debugging.
— CZ Binance (@cz_binance) March 24, 2023
Zhao has also argued that the issues are unlikely to have any significant impact on the market, stating:
“When the biggest exchange goes down, prices don’t move much. If they move on the smaller exchanges, when Binance comes back, our deeper order book will push the price back, causing those guys to lose money. Traders they know”.
About an hour after Binance publicly announced the issue, the exchange reported it. resolved in part by turning one of the matchmaking engines back on, according to CZ. “Engine 1 is back online. We still need more time to make reconciliations, and for other engines to catch up,” he wrote, adding that reconciliation will take a bit longer.
This is a developing story, and more information will be added as it becomes available.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.
