Cryptocurrency exchange Binance has announced that it is fully operational again after temporarily suspending all spot trading due to a bug.
In a recent tweet, the company confirmed that trading would resume at 14:00 UTC, following the completion of necessary system maintenance. The tweet stated, “Temporary system maintenance is complete. All trading will resume at 2pm UTC. You can now cancel orders, process deposits, trade on P2P, and more. Withdrawals will be resumed shortly after spot trading starts. Full details in the link below.”
The issue persisted for over two hours, leading to a drop in cryptocurrency prices. During the last 24 hours, Binance reported processing nearly $15 billion in spot trading volume, as noted by CoinGecko.
Earlier, Binance’s CEO Changpeng Zhao mentioned in a tweet that initial analysis suggested the matching engine had encountered a bug related to a trailing stop order. He estimated the recovery time at approximately 30 to 120 minutes and indicated that deposits and withdrawals had been paused as a standard operating procedure, assuring users that funds were “SAFU.”