Binance, one of the world’s largest cryptocurrency exchanges, has temporarily suspended all spot trading due to technical issues related to trailing stop orders. The exchange made an announcement on their official Twitter account, stating that their matching engine encountered a “weird” bug and that they are working to resolve the issue as quickly as possible.
According to Binance, the issue appears to be related to trailing stop orders, a type of order that is designed to help users lock in profits or limit losses on a trade. As a result of the issue, Binance has temporarily suspended all spot trading on their platform, and deposits and withdrawals have been paused as a standard operating procedure.
Despite the inconvenience to users, Binance has reassured its customers that their funds are safe. The exchange has a track record of quickly addressing technical issues and maintaining the security of user funds.
Binance has not yet provided a precise ETA for when spot trading will resume, but they estimate that it may take anywhere from 30 to 120 minutes to resolve the issue. Users are advised to check Binance’s official website or social media channels for updates.
Technical issues like these can be common with online services, including cryptocurrency exchanges. However, Binance’s proactive approach to addressing the issue and reassuring users of the safety of their funds will likely help to maintain user trust and confidence in the platform.