⚡️Binance halts spot trading The crypto exchange has encountered major issues with spot trading on the platform. New updates will be shared here 👇
As all spot trading, as well as deposits and withdrawals, have been paused on Binance, CZ continued to tweet to calm down concerned investors and traders. He referred to transistor engineers having to literally remove bugs in systems from time to time back in the 1940s to maintain operations.
A little trivia while we wait. Debugging. In the 1940s, when "chip" circuits still use big transistors. Insects often get in and short circuit things. Engineers have to periodically remove the bugs, thus debugging.CZ also has argued that the issues won’t likely have any significant impact on the market, stating:
“When the biggest exchange halts trading, prices won’t move much. If it moves on smaller exchanges, when Binance comes back, our deeper orderbook will bring the price back, causing those guys to lose money. Traders know this.”the issue, bringing one of the engines back online, according to CZ."Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up," he wrote, adding that reconciliation will take a bit longer.
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