Breaking: Binance suspends spot trading, citing issues

FXStreet Team FXStreet

Binance, one of the world's largest cryptocurrency exchanges by trading volume, announced that it halted spot trading. The announcement from the exchange caused Bitcoin (BTC) and Ethereum (ETH) to drop by nearly 3% and 4%.

Although it is unclear when Binance will resume its spot trading, it said that the suspension was due to a known issue.

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.

New updates will be shared here.
— Binance (@binance) March 24, 2023

Changpeng "CZ" Zhao, the exchange's billionaire executive, clarified that the issue was caused when the platforms' matching engine encountered a bug in the trailing stop-loss feature. The CEO assured that the platform had stopped deposits and withdrawals due to the issue as a standard operating procedure.

CZ further noted that it would take roughly 30 minutes to two hours before the spot trading features are enabled again.

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