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Binance Resolves Bug Affecting Spot Trading

Binance swiftly addresses a bug impacting spot trading, ensuring user funds remain safe and operations resume smoothly.
Published on 2023-03-24

Binance Spot Trading Suspension

Binance recently experienced a bug that led to the temporary suspension of spot trading on its platform. The issue revolved around the trailing stop order protocol. Binance promptly communicated the situation to its users, ensuring them that measures were underway to resolve the concerns efficiently.

Trailing Stop Order Protocol Issue

The CEO of Binance, Changpeng Zhao, known as CZ, clarified that the problem originated from a bug in the matching engine related to a trailing stop order. This unforeseen scenario required immediate attention, leading to a halt in both deposits and withdrawals as part of the standard operating procedure. Users were reassured that their assets remained safe with the Secure Asset Funds for Users (SAFU) in place.

Quick Resolution and Ongoing Reconciliation

CZ estimated a recovery time ranging from 30 to 120 minutes. Eventually, he confirmed the bug was fixed, and the affected engine was back online. However, due to the timing of the incident—57 minutes into the hourly snapshot process—the reconciliation was expected to take slightly longer than usual.

Community Support and Transparency

Despite the disruption, the Binance community showed considerable support for the updates provided by CZ. Users appreciated the transparent communication and swift action taken to restore normal operations.

In conclusion, Binance effectively managed the bug incident, ensuring user funds were protected and resuming trading operations with minimal delay. This proactive approach underscores Binance's commitment to maintaining a secure and reliable trading environment.

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