Binance Halts Spot Trading – Bitcoin Dips to $27,300
In an unexpected move, Binance, the world’s largest cryptocurrency exchange, has suspended spot trading. Bitcoin's price is reacting mildly to this news.
Update:
Binance has announced that the issue with spot trading functionality has been resolved, and normal operations will resume at 9:00 PM on March 24 (Vietnam time).
Temporary system maintenance is complete. All trading will resume at 2pm UTC.
— Binance (@binance) March 24, 2023
You can now cancel orders, process deposits, trade on P2P, and more.
Withdrawals will be resumed shortly after spot trading starts. Full details in the link below.https://t.co/bmVG5uQa2F
Users can now cancel orders, deposit funds, and open new P2P trades.
Withdrawal functions will be reinstated shortly after spot trading resumes.
Original Post:
On the evening of March 24, Binance's spot trading services were suddenly disrupted, and the cause remains unclear. The exchange stated:
“We have identified an issue affecting spot trading on Binance. All spot trading pairs are currently suspended, and we are working to resolve this issue as quickly as possible.”
We are aware of an issue impacting spot trading on Binance.
— Binance (@binance) March 24, 2023
All spot trading is currently temporarily suspended as we work to resolve this as soon as possible.
New updates will be shared here.
Moments ago, Binance CEO CZ announced that the spot trading matching engine is experiencing a fault and could take between 30 to 120 minutes to fix.
Notably, Binance also halted deposits and withdrawals as a precaution, but CZ assured that user funds remain secure. Futures and margin trading on the platform continue to operate normally.
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.
— CZ 🔶 BNB (@cz_binance) March 24, 2023
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏 https://t.co/mvtGQ3JlMA
According to CZ, during such "stormy" periods, Bitcoin's price tends not to experience significant volatility, which means losses typically fall on those who try to short on other exchanges.
not quite in the mood for trivia - more interested in answer to question whose risk it is if spot price falls while waiting (which is bad for sellers)...
— Ξtc-chmod.eth (@etc_chmod) March 24, 2023
Following the announcement, Bitcoin (BTC) dipped slightly from $28,000 to $27,300 but is currently rebounding. Meanwhile, BNB dropped to around $318 but is showing signs of recovery.
