Binance has temporarily suspended spot trading, possibly due to an issue affecting its comparison engine.
According to a recent update on the official Binance Twitter account, the issue appears to be related to a bug in a trailing stop order.
Binance CEO Changpeng Zhao (CZ) states that the exchange is working to resolve the issue as quickly as possible, with an estimated recovery time of 30 to 120 minutes. Meanwhile, deposits and withdrawals have been paused.
CZ has assured its users that their funds are SAFU and that they will provide more updates as the situation develops.
Previous Binace Outages
Today’s outage comes as the second major failure Binance has experienced in over a year after experiencing a major one on May 19, 2022.
It all started when Fawaz Ahmed, a cryptocurrency trader from Canada, decided to withdraw money when he noticed that the price of ethereum was falling. That day, Binance experienced a massive outage, preventing it from closing its trade for about an hour.
Due to the event, the entire cryptocurrency market lost around $1 trillion in value, with bitcoin (BTC) and ethereum (ETH) experiencing their worst one-day drops since March 2020. CNBC reported that the merchant who first noticed the outage lost nearly $6 million.
Binance also had a serious security breach on May 7, 2019, whereby hackers stole 7,000 BTC from the exchange’s hot wallet. Binance halted deposits and withdrawals for many days after the attack as he sought to strengthen its security.
