Binance halts trading after error in order-matching mechanism

The cryptocurrency exchange Binance halted trading due to an issue with the API endpoint. CEO Changpeng Zhao said this.

Our system detected a potential matching error, and the matching was automatically suspended. We are looking into the issue. May take 30–60 min by initial estimate (may change). Will keep you updated. https://t.co/ryxkV5oRGW

— CZ Binance (@cz_binance) December 21, 2020

According to Zhao, the system detected a potential order-matching error, after which the matching engine was automatically halted.

“We are studying the problem. Preliminary estimates suggest it may take 30–60 minutes (timing may change),” wrote the exchange’s CEO.

He noted that deposits, withdrawals and transfers had been paused. The futures market’s order-matching engine is operating normally.

Spot matching engine is in maintenance mode. All deposit/withdraw/transfer features are also paused.

Futures matching engine and trading are working. Just no transfers.

— CZ Binance (@cz_binance) December 21, 2020

Binance representatives assured users that their funds were safe. Before resuming trading, they would have half an hour to cancel orders, make deposits, withdraw funds or transfer assets.

Zhao later said that specialists had relaunched the order-matching engine.

“We are now checking other systems. Engineers tell me that this will take at least 30 minutes, so perhaps another 60 minutes,” the exchange’s CEO said.

Update: Changpeng Zhao said Binance was returning to normal operations. Trading would resume shortly.

System is back online. Doing live trading test in pre open mode.

— CZ Binance (@cz_binance) December 21, 2020

Update: Users were given 20 minutes to cancel orders. Trading will resume at 21:00 MSK.

System is back online. You can cancel orders now. Trading resumes in 20 min, at 2AM HKT. https://t.co/QhaXEA1P7O pic.twitter.com/KStZp5mefH

— CZ Binance (@cz_binance) December 21, 2020

Earlier, Binance said that on December 21 would add to the listing fan tokens Paris Saint-Germain Fan Token (PSG) and Juventus Fan Token (JUV) in pairs with Bitcoin (BTC), Tether (USDT) and Binance USD (BUSD).

Subscribe to ForkLog news on Telegram: ForkLog FEED — all the news, ForkLog — the most important news and polls.