• Binance tweeted that its spot trading was impacted by an issue and is working to resolve it soon.
• Binance CEO Changpeng ‚CZ‘ Zhao described the issue as a „weird one.“
• Deposits and withdrawals have been paused, but CZ assures funds are safe.
Binance Experiences Trading Issue
Binance tweeted that it knew of an issue impacting spot trading and said it was working to resolve it soon. 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.
Deposits & Withdrawals Paused
Deposits and withdrawals have been paused as a standard operating procedure to ensure user funds are safe. CZ expects the recovery process to take between 30 minutes to two hours. The Binance status page showed that withdrawals and deposit functions had been suspended for all crypto assets on its platform.
Bitcoin Price Dips 1.39%
Following the news, Bitcoin (BTC) plunged 1.39% on the 1-hour candle to $27,635, according to CryptoSlate data.
Funds Safe & Secure
Despite the incident, CZ assured users that their funds were safe, tweeting “funds are #SAFU” – which stands for “Secure Assets For U” – a phrase he frequently uses when referring to security matters related to his exchange.
Conclusion
Although there has been an impact on spot trading due to this strange issue, deposits and withdrawals have been paused in order to protect user funds while ensuring they remain secure at all times while Binance works towards resolving this matter.