Binance, the world’s largest cryptocurrency exchange, experienced a crisis today that caused it to suspend spot trading. This crisis was caused by a problem with the match engine. For this reason, some Turkish cryptocurrency exchanges using this engine also had problems.
The problem experienced by the Binance stock market also affected the Turkish stock markets!
Leading crypto exchange Binance became the protagonist of an event that took the crypto market under its influence today. The exchange has struggled with its ‘matching engine’, which has an active role in crypto trading. This led the exchange to suspend spot operations. Binance CEO Changpeng Zhao (CZ), who constantly informs about the issue, assured that the problem will be fixed in a short time. However, this process still had negative repercussions on the market.
cryptocoin.comAs you follow, the cryptocurrency exchange Binance has temporarily suspended spot transactions today. The cause of this problem was a problem with the match engine. However, this issue has caused trouble not only for Binence, but also for some Turkish crypto exchanges using the same matching engine. These Turkish crypto exchanges include Binance TR, Fexobit and Bitexen. The reason why the relevant exchanges have similar problems is that they use the same ‘matching engine’. In parallel with Binance, Binance TR, its Turkish arm, also suspended withdrawals during this time.
Fexobit, one of the relevant exchanges, made a statement.
As we mentioned, one of the Turkish crypto exchanges experiencing difficulties was Bitexen, and all spot trading transactions of Bitexen, which uses the same ‘matching engine’ as Binance, were suspended. Meanwhile, Bitexen did not make any statement on the subject until the press time. This situation caused users to experience hesitation.
In addition, the spot trading operations of the Turkish crypto exchange Fexobit, which faced the same problem, were suspended. Fexobit CTO Emre Özer made a special statement on the subject and touched on the following:
As Fexobit; we use our matching engines developed by our own engineers. In unexpected situations that occur in global markets, we may put our systems in short-term security mode from time to time as a precautionary measure so that our users are not adversely affected. After we see that there is no negative effect on our systems and our users, we continue our services as normal. We present the subject for your information.
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