Binance halts deposits, withdrawals on glitches in spot trading

Cryptocurrency exchange Binance has paused deposits and withdrawals on its platform due to issues affecting its spot trading, its Chief Executive Changpeng Zhao said in a tweet on Friday.

“Initial analysis indicates matching engine encountered a bug on a trailing stop order,” he said in a tweet, adding that the pause was a standard operating procedure.

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

Last week, Binance said it will be halting its sterling deposits and withdrawals, a month after the world’s largest crypto exchange ceased dollar transfers.

Reuters has previously reported that the Justice Department is investigating the crypto exchange for suspected money laundering and sanctions violations.