Binance Halts User Deposits and Withdrawals Over Trading Engine Bug

Binance CZ

Binance, the world’s largest cryptocurrency exchange by trading volume, has temporarily halted spot trading, user deposits, and withdrawals on its platform.

Binance CEO Changpeng Zhao said the move was a “standard operational procedure (SOP)” as the team works on resolving a “weird” bug with its spot trading engine. User funds remain safe, with Binance estimating it could take anywhere between 30 minutes and two hours to fix the issue with its matching engine. Notably, the bug does not disrupt trading on other Binance products, including its futures trading platform.

Binance reassures users, “Funds are SAFU”

Given recent events in the cryptocurrency industry, the centralized exchange platform has moved quickly to reassure users that funds are safe while it works on resolving the bug.

The recent halt on deposits and withdrawals, described as an “SOP” by the Binance CEO, is likely to prevent bad actors from taking advantage of the undisclosed bug.

In a follow-up update, Binance disclosed that it had resumed spot trading as well as restored deposits and withdrawals on its platform. The trading downtime lasted for roughly two hours and had minimal impact on the broader crypto market.

Update: This report was updated on March 24 at 17:47 GMT to include information that Binance has resumed spot trading, deposit, and withdrawal on its platform.

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