Binance down? Temporary suspension of certain trading functions

At a time when FUD is reaching its peak in the cryptosphere, Binance has announced a voluntary interruption of some functionalities linked to Market orders. Although the company has promised to resolve the problem immediately, some crypto investors are in doubt.

Binance interrupts its Market order services

In March, Binancians experienced a mishap almost identical to what has just happened today. There was a bug on a stop leak order that damaged a matching engine.

As a result, Binance had to temporarily suspend its spot trading functions.

We’ve temporarily paused some market order functions for all spot and margin trading pairs, due to technical issues identified following a previous update.

🔸 Market Order-Total
🔸 Slider for Amount Customization

You still can place market orders via Market Order-Amount.

Our…

— Binance (@binance) July 19, 2023

According to U°Today, this kind of problem occurs frequently in cryptocurrency exchanges. Even the world’s leading crypto exchange can suffer from this kind of anomaly.

This time, technical problems at Binance have prompted CZ and the entire team to temporarily suspend certain market order functions.

More specifically, they concern the following spot and margin trading options:

the Market Order total ;

and the amount customization slider.

Is this enough to send Binancians into a panic? Normally not. Binance has made it clear that they can still place Market orders via Market Order Amount.

« Bullish people can’t sell? ». To this question, the Binance team responded:

« Hi there, you can still place limit order, and place market orders via Market Order-Amount. »

Do you get déjà-vu?

Digging into Binance’s archives, we found that a similar incident had already occurred back in May. Indeed, the crypto exchange issuer of the BNB token, announced the suspension of the “Market Order—Total” function for certain spot and margin trading pairs.

Strangely, the same “Total” and “Amount customization slider” functions were affected by this failure.

What is a Market Order?

Binance has included a brief definition of a Market Order in its tutorial pages. In addition, you should note that Market orders are suitable for traders in a hurry and those new to trading. Particularly if you find yourself “in a situation where you had a stop-limit order that has been exceeded, and you need to buy/sell as soon as possible”.

However, Market Orders are not suitable for experienced traders.