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Binance Halts Deposits and Withdrawals Due to Trading Issues in Spot Trading

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BNN Correspondents
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Binance, the world's largest cryptocurrency exchange by trading volume, has temporarily paused deposits and withdrawals on its platform due to issues affecting its spot trading.

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CEO Changpeng Zhao confirmed the news in a tweet on Friday, stating that "matching engine encountered a bug on a trailing stop order," adding that the pause was a standard operating procedure. The announcement comes a week after the exchange halted sterling deposits and withdrawals, following the cessation of dollar transfers.

This latest development follows recent reports of the U.S. Justice Department's investigation into Binance for suspected money laundering and sanctions violations.

The probe is said to be focused on whether the exchange has allowed Americans to conduct illegal trades and whether it has taken sufficient measures to prevent money laundering activities.

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In response to the news, Binance has pledged to comply with all regulatory requirements and cooperate with authorities in their investigations. The company has stated that it is committed to maintaining the integrity of the financial system and will work to identify and prevent any illicit activities taking place on its platform.

The pause on deposits and withdrawals is likely to cause inconvenience to Binance users, but the exchange has assured its customers that their funds remain safe and secure. The company has also advised users to monitor its official channels for further updates and information regarding the issue.

The impact of the investigation on Binance's reputation and future operations remains to be seen, but it highlights the increasing regulatory scrutiny facing the cryptocurrency industry as governments and financial institutions seek to prevent illicit activities and protect consumers.

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