Binance spot trading temporarily suspended due to bug in matching engine
Binance announced the temporary suspension of spot trading on 24 March in a surprise move. However, hope flickered back to life when Changpeng Zhao (CZ) emerged to reassure users about the situation.
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At precisely 11:38 UTC on 24 March, the news broke that Binance was experiencing issues with its spot trading service. The exchange promptly released a statement, assuring users that their team was aware of the problem and working tirelessly to restore normalcy.
However, the subsequent update from Changpeng Zhao, the CEO of Binance, provided more clarity on the root cause of the issue.
In his reassuring message to the community, CZ disclosed that a bug in the matching engine had caused the trouble with the trailing stop order. The bug detection necessitated the temporary suspension of spot trading.
Spot trading is a widely adopted method of trading in the cryptocurrency market. It involves the buying or selling of digital assets at their prevailing market price for immediate delivery or settlement.
In essence, spot trading is an on-the-spot transaction between the buyer and seller, with an immediate exchange
It is a fast and convenient trading method that has become the go-to option for most traders. It is usually facilitated by exchanges like Binance.
The instantaneous nature of spot trading allows traders to respond quickly to market movements and capitalize on price fluctuations.
BSCscanner revealed that despite the temporary suspension of spot trading, other activities were still ongoing on the network. As of this writing, blocks were still being created, and transactions were still being processed.
This suggests that the suspension of trading
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