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Binance, the largest crypto exchange by daily trading volume, has "temporarily paused some market order functions for all spot and margin trading pairs, due to technical issues identified following a previous update." As the exchange revealed on its official Twitter handle, the affected functionalities include Market Order Total and Slider for Amount Customization.
We’ve temporarily paused some market order functions for all spot and margin trading pairs, due to technical issues identified following a previous update.
— Binance (@binance) July 19, 2023
🔸 Market Order-Total
🔸 Slider for Amount Customization
You still can place market orders via Market Order-Amount.
Our…
Arman ShirinyanIt is not uncommon for crypto trading venues to experience related hitches, and Binance's recent bout of hiccups shows it is not immune to these anomalies. According to the trading platform, users can still place an order using the Market Order-Amount function, as it promises that its team of engineers is working to fix the system glitch.
Binance, as the model mega trading platform, has many critics that unduly escalate news such as the function halt to create fear in the community. Many community members have noted that the announcement of the feature halting is a proactive measure to help combat Fear, Uncertainty and Doubt (FUD).
The temporary technical glitch comes on the heels of the trading platform's latest burn event, in which it sent an equivalent of almost $500 million Binance Coin (BNB) tokens to dead wallets.
Possible implications of current glitch
While the implications of the temporary halting of some key features of the Binance spot and margin markets might be unknown at this time, fears of lawsuits can be allayed. This is because some of the trading platform's services are still fully online.
Vladislav SopovBinance has had to deal with a legal battle following the outage of its platform back in 2021. The lawsuit at the time was coordinated by Liti Capital, with users claiming damages for losing millions of dollars following the outage at the time.
Outages are not very common for Binance despite its massive traffic, but it does signify how much users can attempt to leverage vulnerabilities to smile all the way to the bank.
Tomiwabold Olajide
Arman Shirinyan
Vladislav Sopov
Dan Burgin