Due to an unidentified issue, Binance partnered with Mastercard to launch prepaid crypto cards in BrazilBinance announced that spot buying and selling on its platform had been temporarily banned. The cryptocurrency exchange tweeted that it was aware of a problem affecting spot buying and trading and was working rapidly to fix it.
The trade withheld any other information regarding the issues. Changpeng ‘CZ’ Zhao, CEO of Binance, called the problem “bizarre.” He stated:
“Matching engine detected a flaw on a trailing halt order, according to preliminary analysis.”
Customers were assured that monies stolen by thieves had been secured, and he stated that deposits and withdrawals had been suspended as part of the routine working process. He estimates the restoration will take anywhere from 30 minutes to 2 hours.
The Binance status website verified that all crypto assets on its platform were no longer eligible for withdrawals or deposits. At the time of writing, Binance has not yet responded to CryptoSlate’s request for comment.
Following the news, Bitcoin (BTC) fell 1.39% on the 1-hour candle to $27,635, according to data from CryptoSlate.