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Binance suspended deposits and withdrawals earlier on Friday due to a "bug on a trailing stop order," Chief Executive Changpeng Zhao said in a tweet, adding that the pause in deposits and withdrawals was a standard operating procedure.
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.
— CZ Binance (@cz_binance) March 24, 2023
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. https://t.co/mvtGQ3JlMA
Ilya Volkov, CEO of Youhodler, a crypto lending platform, agreed that the pause was a result of a technical glitch and would not affect cryptocurrency prices significantly.
Bitcoin , the world's largest cryptocurrency was down 1.14% at $28,021. It hit a nine-month high on Monday.
"These kinds of bugs could happen everywhere, and crypto exchanges are not unique," Volkov said.
A Binance spokesperson did not respond to a request for additional comment.
The world's largest crypto exchange said last week it will halt sterling deposits and withdrawals, a month after it ceased dollar transfers.
The cessation of traditional currency transfers comes amid a growing crypto crackdown by U.S. authorities.
Reuters has previously reported that the Justice Department is investigating Binance for suspected money laundering and sanctions violations.
A top Binance executive told The Wall Street Journal and Bloomberg last month that Binance expected to pay penalties to resolve U.S. investigations into the company.
