• Binance, the world’s largest cryptocurrency exchange, experienced a temporary trading halt due to a matching engine glitch.
• The bug was detected during an analysis of a trailing stop order recovery.
• As part of their standard operating procedure (SOP), deposits and withdrawals were paused for 60 minutes while the issue was resolved.
Binance Experiences Temporary Trading Halt
Binance, the world’s largest cryptocurrency exchange by trading volume, earlier today, on March 24, temporarily halted spot trading due to a matching engine glitch that disrupted the platform.
Bug Detected; Withdrawal And Depositing Halted
The CEO of Binance, Changpeng Zhao popularly known as „CZ,“ said they detected a bug during an analysis of a trailing stop order recovery. As part of their standard operating procedure (SOP), deposits and withdrawals were paused for 60 minutes while the issue was resolved.
Crypto Spot Trading Explained
Crypto spot traders buy or sell assets without using leverage positions. That means users can directly swap crypto or fiat for other crypto assets and vice versa. Spot trading is distinct from derivatives trading where traders can open Bitcoin or BNB positions using leverage or borrowing money from the exchange for a bigger risk.
Issue Resolved After Initial Analysis
Initial analysis indicated that the matching engine encountered a bug on a trailing stop order (a weird one). After identifying the issue with Engine 1, Binance restarted it which required time as the bug occurred 57 minutes after hourly snapshots.
Future Plans For Binance
In the future, Binance will run pre-trading tests before enabling depositing followed by internal transfers then allowing 30 min „cancel-only period“ after which crypto trading would resume.