The world’s largest crypto exchange, Binance, announced that spot trading has been temporarily suspended due to an error.
The team has assured users that they are working to resolve the issue. However, the announcement caused the price of bitcoin to dip immediately by nearly $1,000.
- Binance took to Twitter to outline the platform issues, which affected the spot trading features. The company has suspended such trading while working on a solution.
- CEO Changpeng Zhao (CZ) provided an update that shed some light on the potential nature of the problem. According to CZ, the matching engine encountered a bug on a trailing stop order, and they are currently working on a solution.
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. 🙏
— CZ 🔶 Binance (@cz_binance) March 24, 2023
- Despite the company’s assurances that they are working to resolve the issue, bitcoin and the rest of the crypto market reacted with immediate price drops.
- The largest digital assets fell by $700 to $27,500, and Ethereum dropped from over $1,800 to $1,750 in minutes.
- OKX, another crypto giant, recently experienced a similar outage related to some of its servers.
