Binance halts spot trading, cites 'bug' in its order book

Binance has temporarily suspended spot trading, possibly due to an issue impacting its matching engine.

According to a recent update on Binance’s official Twitter account, the issue appears to be related to a bug in a trailing stop order.

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

CEO of Binance Changpeng Zhao (CZ) claims that the exchange is working to resolve the problem as quickly as possible, with an estimated recovery time of 30-120 minutes. In the meantime, deposits and withdrawals have been paused.

CZ has assured its users that their funds are SAFU and that they will provide further updates as the situation develops.

Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. 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

This is a developing story. We’ll update it as soon as we get more information.

Source: https://crypto.news/binance-halts-spot-trading/