• Binance experienced an issue impacting spot trading and temporarily suspended services.
• CEO Changpeng ‘CZ’ Zhao said the issue was a “weird one” related to a trailing stop order.
• Bitcoin (BTC) price dropped 1.39% as a result of the news.
Binance Experiences Spot Trading Issue
Binance announced that it has temporarily suspended spot trading on its platform due to an unnamed issue that impacted spot trading. The crypto exchange tweeted that it knew of the issue and was working to resolve it soon, though no additional information was provided about the issues.
CEO CZ Describes Issue
Binance CEO Changpeng ‚CZ‘ Zhao described the issue as a „weird one.“ He said: „Initial analysis indicates matching engine encountered a bug on a trailing stop order.“ He added that deposits and withdrawals had been paused as standard operating procedure and assured users their funds were safe, estimating that recovery would take between 30 minutes to two hours.
Impact on Bitcoin Price
The Binance status page showed that withdrawals and deposit functions had been suspended for all crypto assets on its platform. Following the news, Bitcoin (BTC) plunged 1.39% on the 1-hour candle to $27,635, according to CryptoSlate data.
No Further Details Provided
At the time of writing, Binance had not responded to CryptoSlate’s request for comment nor provided any further details regarding the incident or when full service will be resumed.
In conclusion, Binance experienced an issued impacting spot trading which led them to suspend some services while they worked on resolving it soon. Although CZ assured users their funds were safe and estimated recovery would take between 30 minutes – two hours, no further details have yet been given by Binance at this time. As a result of this news, BTC price dropped by 1.39%.