Malta-based crypto exchange Binance recently had to suspend spot trading and deposits and withdrawals due to a bug in its system. However, the platform has now reopened with CEO Changpeng Zhao saying that the platform had “fixed” the bug.
The bug reportedly occurred when the software was performing a scheduled system upgrade on its core matching engine. In a blog post announcing the issue, Binance said that the issue had been “dealt with” and the platform was back up and running.
The bug only affected spot trading and the platform’s deposits and withdrawal systems. Margin trading, futures, lending, margin transfers, and other types of trades on the platform reportedly continued to work properly throughout the incident.
Binance has promised to provide support for users who were impacted by the bug. In addition, the exchange has offered a special “User Protection Programme,” in which users are eligible to receive compensation for any assets lost during the incident.
The incident has highlighted the importance of having a robust and secure trading platform. Binance is widely considered to be one of the most secure exchanges in the market, but the bug has raised questions about the platform’s robustness.
It remains to be seen how the incident will affect Binance’s image in the market, but for now, traders can be assured that the platform is up and running again and all their funds are safe.
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