Binance suddenly haults all crypto trading services on spot!

[Edwardard]

Just in: Binance spot trading is stopped for unknown reason. Binance also made a tweet regarding this with no idea from their side.

Tweet link: https://twitter.com/binance/status/1639230280119775234

Hope this is not the beginning of something big to happen ? I havent seen such an unscheduled maintainence for quite sometime hence got worried a bit.
PS: Yes, I have funds and I do trade on binance.

[1714773077]

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[1714773077]

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[OmegaStarScream]

I don't think this is something to be worried about. Not when the withdrawals are still being processed[1] anyway.

EDIT: ❌ It looks like both deposits and withdrawals are suspended now.

[1] https://www.binance.com/en/network

[TryNinja]

https://twitter.com/cz_binance/status/1639235255054860290

Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.

Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏

https://twitter.com/cz_binance/status/1639237945860186112

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.

[Wapfika]

Surprisingly CZ tweet another “4” which means FUD incoming. I don’t know if this is just a coincidence but CZ is expecting an attack whenever he post that kind of tweet. The recent update shows that the reason is due to trailing stop feature bug bug I wonder how this bug occur.

Just a safety precaution but we should avoid CEX for now even for short trade. CZ seems being attacked secretly.

[Edwardard]

EDIT: ❌ It looks like both deposits and withdrawals are suspended now.

[1] https://www.binance.com/en/network

Correct. I am also unable to withdraw here.
Meanwhile, they also rekted me by hitting my long position's stoploss and then insta pumped back to 28k.

CZ seems being attacked secretly.

He will always be attacked by sam bankmann and some other enemies he made recently, lol. Its like a race to revenge. But yeah you're right, we shouldn't trust anyone here.

[Husires]

Additional update.

Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up.

We were a bit unlucky with this bug. Our engines take  hourly snapshots. This bug happened 57 min in. So, replay/reconciliation takes a bit longer.

Since you see that technical problems are increasing, this means that something is not going in the right direction, either that they have a problem with the development and protection team, or that someone with resources (a government, for example) is trying to bring them down or blackmail them.

[Maus0728]

Yeah! I currently have my USDT deposit not being displayed on my spot wallet even though I have both received the in-app and email notification that the deposit has been successfully confirmed.

At first, I thought it was a stupid mistake of copying an incorrect address, and then I saw this post which I assume that it must be the cause of deposit issue.

[hyudien]

Just in: Binance spot trading is stopped for unknown reason. Binance also made a tweet regarding this with no idea from their side.

Tweet link: https://twitter.com/binance/status/1639230280119775234

Hope this is not the beginning of something big to happen ? I havent seen such an unscheduled maintainence for quite sometime hence got worried a bit.
PS: Yes, I have funds and I do trade on binance.

No wonder all my activities on Binance can't do much. My Trading Spot is having problems, at first maybe the internet network is bad and not stable. However, after checking all the information on Twitter and becoming trending, it seemed to lead me to the opinion that my asset concerns are in it. It's only been a few days since opening up traders for needs but this has become a frightening specter for traders. Bugs or whatever the problem is, CZ will definitely continue to experience attacks from enemies, both individuals, and groups who don't like Binance current position.

[Nwada001]

According to the announcement dropped by CZ on Twitter, spot trading will resume just a few minutes after the tweet. 
And possibly all withdrawals will be enabled 1 hour after trading began. https://twitter.com/cz_binance/status/1639261379927441413?s=20
Binance are always active in fixing their discovered bugs, but these 60 minutes have caused a lot of damage to customers and inconvenience in some ways. 
 
This is another reminder for us not to keep money on centralized exchanges unless we are day trading with those funds. 

[rat03gopoh]

He will always be attacked by sam bankmann and some other enemies he made recently, lol.

Attacking competitors in the system means enhancing competitors' protection as well. I think finding competitors' foul play will be more effective.

And possibly all withdrawals will be enabled 1 hour after trading began. https://twitter.com/cz_binance/status/1639261379927441413?s=20
Binance are always active in fixing their discovered bugs, but these 60 minutes have caused a lot of damage to customers and inconvenience in some ways.

"Trailing stops" keep disabled. As short as 57 minutes a serious bug can cost users millions of dollars. A right move to finally stop the feature that is the source of this problem.

This is another reminder for us not to keep money on centralized exchanges unless we are day trading with those funds.

System failure is one of trader's risks when dealing with CEX,

[virasog]

PS: Yes, I have funds and I do trade on binance.

Everyone trade on binance but keep only the trading funds on the binance and make sure they are not big enough which can damage you in case a Binance scam exits one day (Like FTX). If you buy some coins in Spot at binance for mid term or long term, remove them from the exchange and keep it in your personal wallet.

Just a safety precaution but we should avoid CEX for now even for short trade. CZ seems being attacked secretly.

Well, it is not possible to avoid CEX if you are doing spot or futures trading. I would suggest moving to bitget exchange. Bybit exchange seems good too but remember to keep limited trading funds on exchanges.

[Wapfika]

Withdrawal is already resume guys based on Binance official tweet 1hr ago https://twitter.com/binance/status/1639283928665038849?s=61&t=KvAyBeyzVhJJLph8n5IBkg . Binance manage to become transparent on the process of fixing the issue to stop FUD in the market. This minor problem is now cause an immediate panic attack due to the previous experience from FTX and other failed DeFi. 

[SaShiRaJaVu]

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Binance manage to become transparent on the process of fixing the issue to stop FUD in the market. This minor problem is now cause an immediate panic attack due to the previous experience from FTX and other failed DeFi. 

Even with the announcement some were expecting the worse, glad that they resumed the services because the panic started when they disabled withdrawals. Everything back to normal and i thought the market will take a dive due to the sudden announcement.

[pawel7777]

Withdrawal is already resume guys based on Binance official tweet 1hr ago https://twitter.com/binance/status/1639283928665038849?s=61&t=KvAyBeyzVhJJLph8n5IBkg . Binance manage to become transparent on the process of fixing the issue to stop FUD in the market. This minor problem is now cause an immediate panic attack due to the previous experience from FTX and other failed DeFi. 

They handled it perfectly with hourly updates and clear, technical information on what exactly went wrong + their ETA of recovery was accurate. That's pretty impressive.
So far, Binance has managed to turn every unfortunate event (like this one, BUSD regulatory issues or previous hacks etc) in their favour and increase its credibility.

That being said, do not keep your funds on any exchange unless you really have to.

[Edwardard]

Okay guys, everything is working again smoothly on binance. Although the reason for the unwanted maintainence was not shared but still a sight of relief now that the trading and withdrawals have resumed.
I will lock this thread now. Thanks once again everyone for your input. I will try to keep as much low funds as possible on cex.