Binance completes maintenance after outage
On Friday, March 24, the cryptocurrency exchange Binance announced a suspension of spot trading due to an unknown issue.
We are aware of an issue impacting spot trading on Binance.
All spot trading is currently temporarily suspended as we work to resolve this as soon as possible.
New updates will be shared here.
— Binance (@binance) March 24, 2023
“… we are working to resolve this issue as quickly as possible,” the statement said.
Binance CEO Changpeng Zhao noted that initial analysis identified a “strange” bug in the trailing stop order mechanism. He said deposits and withdrawals were paused as part of standard operating procedure.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. ? https://t.co/mvtGQ3JlMA
— CZ ? Binance (@cz_binance) March 24, 2023
“The estimated time to resolve the issue is 30–120 minutes,” Zhao added.
The Binance CEO said the team had partially resolved the problem.
Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up.
We were a bit unlucky with this bug. Our engines take hourly snapshots. This bug happened 57 min in. So, replay/reconciliation takes a bit longer.
— CZ ? Binance (@cz_binance) March 24, 2023
The maintenance at Binance has been completed, with trading set to resume at 14:00 (UTC). Users can now cancel orders, make deposits and perform other actions.
You can cancel orders now. Trading resumes in 20 min, at 6PM Dubai time.
» Binance Temporary System Maintenance Complete (2023-03-24) | Binance Support https://t.co/orAYziTMyx
— CZ ? Binance (@cz_binance) March 24, 2023
