Binance spot trading halted due to issue on trailing stop orders

Crypto exchange Binance has encountered major issues with spot trading on the platform.

On March 24, Binance suspended all spot trading transactions, according to an announcement by Binance’s official Twitter account.

“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,” Binance wrote.

Binance CEO Changpeng Zhao subsequently took to Twitter to report that the initial analysis indicated bug issues with the matching engine.

“Deposits and withdrawals are paused as a standard operating procedure. Funds are #SAFU,” CZ wrote.

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

This is a developing story, and further information will be added as it becomes available.