Binance Resumes Trading After Bug Caused Temporary Suspension

Binance said it has resumed spot trading, deposits, and withdrawals after a temporary pause due to a technical glitch. The world’s largest cryptocurrency exchange had earlier paused spot trading citing an “issue” that it’s working to resolve.

Investors King learnt that Binance users took to Twitter to complain about issues on the Binance platform. Within minutes, the crypto exchange took cognizance of the issue, stating it was a bug and thereafter disabled spot trading in order to work on it.

Similarly, a few minutes after the complaint, Binance C.E.O Changpeng Zhao told his followers on Twitter that one of the exchange’s matching engines had encountered the bug. The tweet was followed by his famous assurance, “Funds are SAFU”.

Zhao followed up on his tweet with another one, informing Binance users that the affected engine was back online. Nearly two hours after the technical issue struck the crypto exchange, the CEO confirmed that the issue had been resolved.

The famous crypto billionaire thereafter informed his followers that some malicious people had used the technical glitch to spread FUD about the crypto exchange. He added that the people behind the FUD aimed to purchase a large number of cryptocurrencies at discount prices. 

News of the outage caused about a $700 dip in the price of bitcoin (BTC), but by the time Binance trading came back online, bitcoin had returned to about the $28,000 level.

Meanwhile, Investors King understands that this is not the first time Binance platform will witness an outage. In November 2021, Binance had an outage that led to a lawsuit from a group of Italian investors who claimed to have racked up “tens of millions” in losses.

Binance platform processes billions of dollars in daily trading volume, therefore any technical glitch can lead to serious loss of funds if not quickly mitigated. The platform has facilitated more than $ 13 billion in the past 24 hours, data from CoinMarketCap reveals.