Bitcoin btc
$ usd
News Report

Binance Suspends Spot Trading Due to Technical Bug

2 mins
Updated by Ali M.

In Brief

  • Binance resumed spot trading at 14:00UTC after a software fault with its matching engine caused it to pause withdrawals, deposits, and trading.
  • After the suspension, Bitcoin fell 1.7% from $28,068 to $27,467.
  • The trading bug comes shortly after the exchange faced scrutiny from U.S. Senators about its financials and anti-money laundering policies.
  • promo

Crypto exchange Binance was forced to suspend all spot trading on Friday following the discovery of a technical glitch.

At about 11:58UTC, Binance CEO Changpeng “CZ” Zhao said an initial analysis revealed that the matching engine had a bug on a trailing stop order.

Binance Spot Trading Resumes After Two-Hour Blackout

He added that deposits and trading were suspended as a standard procedure because the state of the matching engine affects the amount of funds available for withdrawals.

Zhao revealed that Binance’s Engine 1 was back online after a malfunction. He said the exchange only spotted the bug 57 minutes into its hourly engine snapshot, meaning reconciliations were delayed. Because matching engines operate sequentially, previous orders affect future orders, the CEO explained.

At 13:25UTC, CZ said that trading would resume in one hour. By then, Binance had re-enabled deposits and internal transfers.

Forty minutes later, Zhao confirmed that the exchange would resume trading at 14:00UTC. Withdrawals would follow an hour after spot trading resumed. Trailing stop orders were temporarily suspended. Users with open trailing stop orders would receive a push notification and an email.

Following the initial announcement, Bitcoin fell 2.2% from $28,073 to about $27,456. It has since recovered to $28,068.

BTC/USD Hourly Trading Chart
BTC/USD Hourly Price Chart | Source: TradingView

Ethereum also fell 3% from $1,789.05 to $1,730. It has since recovered slightly to $1,765.50.

Changpeng Zhao Counters FUD

About four minutes after Zhao’s 11:58UTC update, pseudonymous crypto enthusiast CryptoViv tweeted that Binance’s customer service was better than banks.

Recently, the firm’s Chief Strategy Officer responded to claims by U.S. senators that the exchange was a breeding ground for illegal activity. Notably, his response did not honor requests for balance sheets of Binance entities, leaving question marks around the exchange’s financial health.

Zhao recently refuted claims in a Forbes report that Binance mishandled customer funds like collapsed exchange FTX. The article said Hillman’s claims that Binance’s record-keeping for wallets and user balances was separate made it difficult to determine the exchange’s solvency.


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.