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© Reuters
By Geoffrey Smith
Investing.com -- Binance, the world's largest cryptocurrency exchange, paused spot trading on Friday due to what its chief executive Changpeng Zhao called a minor glitch.
"Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one)" Zhao tweeted, adding that he expected the issue to be resolved within two hours. "Waiting for more precise ETA. Deposits & withdrawals are paused as a SOP (standard operating procedure)."
Zhao signed off with his customary reassurance to clients that their deposits are safe.
"Funds are #SAFU," he said, referring to the exchange's Safe Asset Fund for Users, a reserve fund initially seeded with $1 billion in assets.
The incident comes at the end of a polarized week for cryptocurrencies, which have enjoyed a sharp rise in interest worldwide as the collapse of three U.S. banks and Credit Suisse sparked fears about the stability of the mainstream financial system. Crypto enthusiasts have long argued that digital currencies offer protection from a system vulnerable to hyperinflation due to years of loose monetary policy.
Bitcoin reacted negatively to the news of Binance's action, dropping nearly 2%. However, it was still up on 0.6% on the day, against a backdrop of fresh selling in European and U.S. banking stocks.
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