The officials at the Binance exchange have made an announcement about facing an issue with their trading services. The largest crypto exchange has announced that they have established issues with the most used trading feature.
Spot Trading Feature is Facing Issues
The teams at Binance have revealed that they have started working on the resolution of a problem they have established with a particular trading feature.
The ‘spot trading’ feature on their platform has become problematic and they are trying to fix the problem at the earliest.
They have confirmed that the issues are massive on the particular feature so they are trying their best to fix the problem at the earliest.
Binance’s Announcement on March 24
On March 24, an official announcement was made by the executives at Binance. They confirmed that they had suspended all the transactions that were on the spot trading platform.
The announcement was made through the exchange’s Twitter account on the same day as well. They communicated that they are aware of the problem and are trying to fix the problem as soon as possible.
For the users concerned about the suspension of the spot trading feature, Binance asked them not to be worried. It communicated that they are looking into the matter and are working on a fast resolution.
Until the matter is resolved, the feature will remain suspended but they have no estimation as to when the service will be up and running. As of now, the service is suspended for an indefinite time.
Bug Issues
As always, when the issue was highlighted and Binance made the announcement, the entire Binance community was concerned. They wanted answers and Changpeng Zhao was ready to answer them.
He revealed that they could not confirm the exact problem they were facing with the spot trading feature. He did mention that they were running their analysis to establish if there is a bug that impacting their platform.
Zhao said that they are trying to find out if it is a bug or if several bugs causing problems with the spot trading feature. They cannot say for sure what the problem is but they are working on a quick resolution.
He did verify that it was the trailing stop order feature on the spot trading where the problem originated from. The matching engine might be facing problems due to that and is currently being worked on.
He added that they are aiming to fix the problem in the next 120 minutes so the losses and damage to the business are minimum.
For now, the withdrawal and depositing feature on the platform is paused so the users have apologized, for the inconvenience.