Binance halts deposits, withdrawals after technical glitches: CEO Zhao

Cryptocurrency exchange Binance has suspended deposits and withdrawals on its platform due to technical issues affecting its spot trading, Chief Executive Changpeng Zhao said in a tweet on Friday.

"Initial analysis indicates matching engine encountered a bug on a trailing stop order," he said in a tweet, adding 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.

Last week Binance, the world's largest crypto exchange, said it will be halting its sterling deposits and withdrawals,