It seems that there are serious problems at the moment Binance ravage. On Twitter, the largest exchange in the world announces that it is temporarily no longer possible to mockery cryptocurrencies to trade. It is not yet known what the cause of the problems is, and how much time a solution will take.
Binance is failing
Binance is home to many millions of crypto users around the world. In fact, it is still by far the largest exchange in the world today. Millions of users will therefore be affected by the problems at play.
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
It actually never happens spot trading on an exchange like Binance is suspended. The consequences can also be great. After all, this is the feature most people use on Binance and other exchanges. Certainly traders will currently be in large numbers with their hands in their hair
It means that it is now not possible to e.g bitcoin (ETH) or ethereum (ETH) as much as you would like to for any reason. What makes it even more annoying is the fact that it is still unknown how long the suspension of spot trading will last.
That Binance has made the choice to halt such a crucial function suggests that the defects that have surfaced are of serious proportions. Virtually destroying your own exchange is of course normally the very last thing you want to do as a Binance.
Binance has indicated on Twitter that they will provide more clarity about the malfunction as soon as possible. The CEO of the platform has just confirmed that there are problems with the matching engine. The issues should be resolved in about 30 to 120 minutes after the tweet sent by Changpeng Zhao. In addition, the CEO emphasizes that customers’ funds are “SAFU” or safe.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). recovery. 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
Bitcoin responds instantly
As a result of the news about the outage, the bitcoin rate almost instantly. In just a few minutes, the price of the king of cryptocurrencies plummeted to just below $27,400, representing a drop of more than 2.3%.