• Binance, the world’s largest cryptocurrency exchange by trading volume, temporarily halted spot trading due to a matching engine glitch.
• Deposits and withdrawals were paused as a standard operating procedure (SOP) for security reasons.
• After identifying the issue with Engine 1, Binance restarted it and resumed crypto trading after a 60-minute period.
Bug Detected on Binance
Binance, the world’s largest cryptocurrency exchange by trading volume, earlier today, on March 24, temporarily halted spot trading due to a matching engine glitch that disrupted the platform.
Withdrawal and Depositing Halted
The CEO of Binance, Changpeng Zhao, popularly known as “CZ,” said they detected a bug during an analysis of a trailing stop order recovery. As a result, the exchange temporarily had to pause deposits and withdrawals, saying the decision was also part of their standard operating procedure (SOP).
Issue with Engine 1
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.
Crypto Spot Traders Affected
Crypto spot traders buy or sell assets without using leverage positions. That means users can directly swap crypto or fiat for other crypto assets and vice versa. Spot trading is distinct from derivatives trading which allows traders to open Bitcoin or BNB positions using leverage or borrowing money from the exchange for bigger risk exposure.
Resuming Crypto Trading After 60 Minutes
After identifying the issue with Engine 1, Binance restarted it but reconciliations and engine sync-ups would require time until deposits were enabled followed by internal transfers then allowing for 30 minutes “cancel-only period” before resuming crypto trading after about 60 minutes in total elapsed time since detecting the bug initially