Binance Temporarily Suspends Withdrawals and Spot Trading

Binance logo with coins
Photo by Kanchanara / Unsplash

Crypto exchange giant, Binance has temporarily suspended all withdrawals and spot trading on the platform due to a bug that affected trailing stop orders in its matching engine.

Being the most used trading platform, Binance records an average trading volume of $3.725 million on its Binance Smart Chain (BSC) network, according to YCHARTS. And it has recorded a total trading volume of $14.9 billion in the last 24 hours.

When answering why they needed to halt withdrawals and spot trading, Binance CEO Changpeng Zhao (CZ) says, "The state of orders in the matching engine may affect available funds for withdrawal in user accounts. Our withdraw logic checks with the matching engine for security."

Some users had ordered while the matching engine stopped. However, CZ says there'll be a cancellation time-only period for affected users before reviving the engine. Invariably, your orders will automatically reverse if you've placed one during this time.

There's no need to panic, though. Your funds are safe, as the firm works spot-on to fix the bug responsible for the temporary downtime.

While bug fixes are underway, the disruption also affected Binance's P2P trading services. Although the team didn't tell whether it's a direct result of the bug, it seems like it's seizing the opportunity to maintain its trading API.

The spot trading component was also glaringly down, and you would get a suspension notice if you tried trading at the time of writing.


Binance says its systems are now back online after some service went offline for about three hours. The company announced via its Twitter handle that it has completed maintaining its APIs and fixed the underlying bugs.

"Temporary system maintenance is complete. All trading will resume at 2pm UTC. You can now cancel orders, process deposits, trade on P2P, and more. Withdrawals will be resumed shortly after spot trading starts. Full details in the link below."

Don't panic if you still can't use some services yet. Binance clarifies that it solves all known problems in steps.

However, as of writing, most services, including withdrawals, spot, and P2P trading, are back online.