Binance has suspended deposits and withdrawals on its platform due to technical issues affecting its spot trading, according to Chief Executive Changpeng Zhao in a tweet on Friday.
“Initial analysis indicates matching engine encountered a bug on a trailing stop order,” he explained in a tweet 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.
Binance, the world’s largest cryptocurrency exchange, announced last week that it will stop accepting sterling deposits and withdrawals, a month after it stopped accepting dollar transfers.
The suspension of traditional currency transfers coincides with a growing crackdown on cryptocurrency by US authorities.
According to Reuters, the Justice Department is looking into Binance for possible money laundering and sanctions violations.
Last month, a top Binance executive told The Wall Street Journal and Bloomberg that the company expected to pay penalties to settle US investigations into the company.