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Home News Binance halts deposits, withdrawals after technical glitches: CEO Zhao

Binance halts deposits, withdrawals after technical glitches: CEO Zhao

Binance – Chief executive Changpeng Zhao announced in a tweet on Friday that the cryptocurrency exchange Binance has suspended deposits and withdrawals on its platform due to technical issues affecting its spot trading.

 

In a tweet, he said, “Preliminary analysis indicates that the matching engine encountered a bug on trailing stop orders,” adding that pauses in deposits and withdrawals were common practice.

“Engine 1 is back online,” Zhao stated in a subsequent tweet. Still require additional time for reconciliation and the catching up of other engines.”

Binance,

the largest cryptocurrency exchange in the world, announced last week that, one month after halting dollar transfers, it would freeze sterling deposits and withdrawals.

 

The end of traditional money transfers coincides with an expanding US government crackdown on cryptocurrency.

 

Reuters previously reported that the Justice Department was looking into Binance for possible sanctions violations and money laundering.

 

Last month, a senior executive at Binance told Bloomberg and the Wall Street Journal that the company expected to pay a penalty to settle a US investigation into the company.

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