The world’s largest crypto exchange Binanceannounced the temporary suspension of all spot trading on the platform. He added that they are aware of an issue affecting the service and will be resolved as soon as possible.
CZ Coming to the Rescue of Binance
Binance CEO Changpeng Zhao (CZ) noted that after the initial analysis, the matching engine encountered an error in the trailing stop order. He stressed that the estimated recovery time is somewhere between 30-120 minutes.
CZ stated that deposits and withdrawals have been stopped as part of the SOP and all funds are safe. However, he added that the status of orders in the matching engine may affect the funds available for withdrawal.
According to CZ, as we reported as Koinfinans.com, the largest exchange has stopped trading crypto- It won’t affect the price too much. However, once Binance is operational again, deeper order books will return prices to normal.
As details become available, we will continue to share them with you.