Binance Glitch in Spot Trading
The World’s Biggest Cryptocurrency exchange, Binance, has resumed its withdrawals after fixing the trailing stop order glitch, as the company said on Twitter.
The Crypto Exchange suspended deposits and withdrawals on Friday, 24 March 2023, due to the matching engine facing a bug on a trailing stop order, as the company’s Chief Executive, Changpeng Zhao, said in his tweet. He also adds that pausing deposits and withdrawals was a standard operating procedure (SOP).
CEO of Crypto Lending Platform Youhodler, Ilya Volkov, agreed that pausing deposits and withdrawals results from a technical bug and would not affect cryptocurrency prices. However, he also said this bug could happen on any platform; crypto exchanges are not particular.
Last week, they announced it would stop sterling deposits and withdraws as local bank partners ended their relationship and ceased dollar transfers. The termination of traditional currency transfers comes amid a growing crypto crackdown. In addition, the justice Department is investigating crypto exchange for money laundering and various violations. Last month, a company executive said Binance expects to pay penalties to settle ongoing investigations with US regulators.