Binance pauses spot trading for 'routine' operating update, CEO says - News Time

Binance pauses spot trading for ‘routine’ operating update, CEO says

By Geoffrey Smith — Binance, the world’s largest cryptocurrency exchange, paused spot trading on Friday due to what its chief executive Changpeng Zhao called a minor glitch.

“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one)” Zhao tweeted, adding that he expected the issue to be resolved within two hours. “Waiting for more precise ETA. Deposits & withdrawals are paused as a SOP (standard operating procedure).”

Zhao signed off with his customary reassurance to clients that their deposits are safe.

“Funds are #SAFU,” he said, referring to the exchange’s Safe Asset Fund for Users, a reserve fund initially seeded with $1 billion in assets.

The incident comes at the end of a polarized week for cryptocurrencies, which have enjoyed a sharp rise in interest worldwide as the collapse of three U.S. banks and Credit Suisse (SIX:


) sparked fears about the stability of the mainstream financial system. Crypto enthusiasts have long argued that digital currencies offer protection from a system vulnerable to hyperinflation due to years of loose monetary policy.


reacted negatively to the news of Binance’s action, dropping nearly 2%. However, it was still up on 0.6% on the day, against a backdrop of fresh selling in European and U.S. banking stocks.

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