Binance halts deposits, withdrawals after technical glitches - CEO
FILE PHOTO: A composition showing crypto currency with the Binance logo. Picture taken on Nov. 10, 2022. REUTERS/Dado Ruvic/File Photo
LONDON :Cryptocurrency exchange Binance has suspended deposits and withdrawals on its platform due to technical issues affecting its spot trading, Chief Executive Changpeng Zhao said in a tweet on Friday.
"Initial analysis indicates matching engine encountered a bug on a trailing stop order," he said in a tweet, adding that the pause in deposits and withdrawals was a standard operating procedure.
"Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up," Zhao said in a subsequent tweet.
Last week Binance, the world's largest crypto exchange, said it will be halting its sterling deposits and withdrawals, a month after it ceased dollar transfers.
The cessation of traditional currency transfers comes amid a growing crackdown on crypto by U.S. authorities.
Reuters has previously reported that the Justice Department is investigating Binance for suspected money laundering and sanctions violations.
A top Binance executive told The Wall Street Journal and Bloomberg last month that Binance expected to pay penalties to resolve U.S. investigations into the company.
