LiteFinance halts trading for 14 crypto pairs as Binance reports glitch on its platform
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LiteFinance, a brokerage platform offering retail services for financial assets such as forex and contracts for difference (CFD), halted trading for 14 cryptocurrency pairs. The development happened around the same time exchange giant Binance halted spot trading.
LiteFinance suspend 14 crypto pairs
LiteFinance informed its users about the suspension of 14 crypto pairs in a blog post that has since been taken down. In the blog post, the company attributed the decision to liquidity providers not delivering quotes for the trading pairs “at the moment.”
The tokens affected by this development were paired with the US dollars. They include Stellar, Golem Network Token, DAT, SUN, Mask Token, Status Network Token, RefToken, WAVES, DigiByte, AnonToken, NULS, CoinAlpha, Alien Worlds Price, and Chiliz.
After trading for the 14 crypto pairs was halted, traders only had the chance to close trades in the affected tokens. LiteFinance had issued a statement on the matter saying that it hoped to resolve the issue that had caused the suspension in the shortest time possible.
Binance temporarily halts spot trading
The development came after exchange giant Binance temporarily halted spot trading on the platform. The exchange notified its users on Twitter that it had temporarily halted spot trading to resolve an issue in the platform.
The CEO of Binance, Changpeng Zhao, also published a tweet on the matter saying that a bug might have caused the issue on a trailing spot order. Zhao noted that services on the exchange, such as deposits, withdrawals, and spot trading, were halted as a standard and precautionary measure to prevent more damage from happening.
“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA. Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are SAFU,” the CEO said.
In a subsequent tweet, Zhao alerted the Binance community on Twitter that Engine 1 was back online. However, he added that more time was needed to conduct reconciliations and ensure that the remaining engines can catch up and resume normal operations.
It did not take long before the exchange giant resumed normal operations. After a few hours, Binance issued another update saying that all trading activities on the platform would be resumed at 2 pm UTC. The exchange added that its “temporary system maintenance” had been completed and normalcy restored.
The exchange resumed all trading operations allowing users to cancel orders, process deposits, and trade peer-to-peer, among other services. The exchange also said that withdrawals would be resumed shortly after spot trading activities are resumed.
The decision to suspend deposits and withdrawals during the maintenance period comes as the crypto industry feels the pinch of the closure of two of the largest crypto-friendly banks, Silvergate Bank and Signature Bank. Binance had announced plans to halt Sterling deposits and withdrawals on the platform in May. Binance also suspended dollar transfers.
