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.
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.
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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.
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