Thursday, 08 June 2023 09:03 GMT

Binance Halts Trading Due to Software Issue

(MENAFN) Binance, the world's largest cryptocurrency trading platform, suspended multiple activities of spot trading, deposits, and withdrawals for two hours on Friday due to a software issue. The platform's CEO, Changpeng Zhao, took to Twitter to provide updates, explaining that the matching engine encountered a bug on a trailing stop order. He assured investors that the system was being recovered, and that funds were secure in the Secure Asset Fund for Users (SAFU).

While the temporary halt in trading frustrated investors, Zhao explained that this was a standard operating procedure, and that the platform's deeper orderbook would help to bring prices back up once trading resumed. He also pointed out that traders were aware of this dynamic, and that smaller exchanges could be impacted more significantly when the larger exchange halted trading.

Binance completed temporary system maintenance and resumed all trading activity at 1400GMT. After the software issue was resolved, the price of Bitcoin, the world's largest cryptocurrency by market cap, was trading just above USD28,000 for a 2.2 percent daily loss. The biggest altcoin, Ethereum, was around USD1,769 for a 4 percent decline for the day.

The temporary halt in trading on Binance highlights the challenges and risks associated with cryptocurrency trading. While the technology offers many benefits, including increased accessibility and transparency, it is still subject to technical glitches and other issues. As the market continues to grow and evolve, investors and traders will need to remain vigilant and aware of these risks, and platforms will need to take steps to ensure the security and reliability of their systems. Despite these challenges, however, many believe that cryptocurrencies are here to stay, and that they represent a significant opportunity for investors and traders in the years ahead.


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