Business News/ News / World/  Binance suspends deposits and withdrawals over technical issues

Binance, a major cryptocurrency exchange, has temporarily suspended deposits and withdrawals on its platform due to technical problems that have impacted its spot trading services, according to a tweet from the company's CEO, Changpeng Zhao, 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.

As per earlier reports by Reuters, Binance is being investigated by the Justice Department over allegations of money laundering and potential sanctions violations.

Last month, a senior executive of Binance had informed The Wall Street Journal and Bloomberg that the exchange is expecting to pay penalties to resolve these investigations by the US authorities.

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Updated: 24 Mar 2023, 07:28 PM IST
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