Binance Resumes Withdrawals After Resolving Bug That Affected Spot Trading admin June 5, 2023

Binance Resumes Withdrawals After Resolving Bug That Affected Spot Trading

  • Binance suffered a technical issue which affected spot trading on the trading platform earlier today.
  • The crypto exchange suspended deposits and withdrawals, citing standard operating procedure.
  • The issue was resolved after system maintenance, and deposits and withdrawals have since resumed.

The world’s largest crypto exchange Binance was hit by a technical bug earlier today. The bug, which reportedly affected a trailing stop order, forced the crypto exchange to halt spot trading as well as deposits and withdrawals on the platform as part of its standard operating procedure.

Spot trading on Binance remained closed for two hours

Users of Binance took to Twitter earlier today, highlighting the issues on the trading platform. The crypto exchange took cognizance of the bug and disabled spot trading in order to work on the issue. This was followed by an update from CEO Changpeng Zhao, who told his followers on Twitter that one of the exchange’s matching engines had encountered the bug. The tweet was followed by his famous assurance, “Funds are SAFU”.

Trailing stops will be disabled for the time being. Existing trailing stops will be cancelled. Users with open trailing stops order will receive a push notification + email.

— CZ Binance (@cz_binance) March 24, 2023

Zhao followed up on his tweet with another one, informing Binance users that the affected engine was back online. Nearly two hours after the technical issue struck the crypto exchange, the CEO confirmed that the issue had been resolved. However, trailing stops had been disabled, along with the cancellation of existing trailing stops.

It is recommended that futures and margin trading users with open positions re-assess their collateral balances prior to the start of spot trading to mitigate against price fluctuations that may occur”

Binance blog

Changpeng Zhao warned users about some malicious elements that had used the technical glitch to spread FUD about the crypto exchange. These bad actors claimed that they were able to exploit a vulnerability on the platform to obtain a large number of assets during system maintenance. “The relevant team quickly completed the internal reconciliation of the system, found no problems, and quickly resumed withdrawals,” Binance’s official Chinese channel tweeted.

Source : Ethereum World News

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