Binance suspends spot trading and deposits due to unknown problem

Withdrawals from the platform are also temporarily unavailable

24.03.2023 - 12:40

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What’s new? On March 24, around 11:40 UTC, crypto exchange Binance suspended spot trading due to an unknown problem and reported that the developers are fixing it. Later, deposits and withdrawals from the platform also became unavailable. Binance CEO Changpeng Zhao said that the problems will tentatively be resolved within 30 to 120 minutes.

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

What else is known about the situation? Initial analysis showed that the matching engine detected a bug on a trailing stop order, Zhao said. He assured that deposits and withdrawals have been suspended in accordance with standard operating procedures, and client assets are safe.

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

On March 13, Binance suspended British pound sterling deposits and withdrawals for new customers because the platform’s fiat partner, Paysafe, would no longer be able to provide these services. British pound sterling transactions are available until May 22.

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