LiteFinance Suspends Trading in 14 Crypto Pairs as Binance Halts Spot Trading

LiteFinance, a retail forex and CFD broker, has suspended trading in 14 cryptocurrency pairs. The firm announced on Friday in a now-deleted blog post that its liquidity providers are not delivering quotes for the pairs “at the moment.” The affected tokens, which are all paired with the US dollars, include the Stellar (STR), Golem Network Token (GNT), DAT, SUN, Mask Token (MSK), Status Network Token (SNT) and RefToken (REF) tokens. The others are the WAVES, DigiByte (DGB), AnonToken (ANT), NULS, CoinAlpha (ALP), Alien Worlds Price (TLM ) and Chiliz (CHZ) tokens.As a result of the suspension, traders can only close their trades on these crypto pairs, LiteFinance noted, adding that it hopes to resolve the issue that triggered the suspension “in the nearest time.”Binance Suspends Spot TradingLiteFinance’s announcement comes a few hours after Binance “temporarily suspended” spot trading on its platform.We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible. New updates will be shared here.— Binance (@binance) March 24, 2023Changpenz Zhao, Binance’s CEO, in a tweet noted that the cryptocurrency exchange’s “initial analysis indicates matching engine encountered a bug on a trailing stop order.” The CEO added that deposits and withdrawals on its platform were paused as a standard operating procedure.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. ???? https://t.co/mvtGQ3JlMA— CZ ???? Binance (@cz_binance) March 24, 2023However, Zhao wrote in a subsequent tweet that “Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up.”Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up.We were a bit unlucky with this bug. Our engines take hourly snapshots. This bug happened 57 min in. So, replay/reconciliation takes a bit longer.— CZ ???? Binance (@cz_binance) March 24, 2023Binance Resumes TradingIn the latest update, Binance said it would resume all trading activities on its platform at 2pm UTC as its “temporary system maintenance” has been completed.“You can now cancel orders, process deposits, trade on P2P, and more. Withdrawals will be resumed shortly after spot trading starts,” Binance tweeted.Temporary system maintenance is complete. All trading will resume at 2pm UTC.You can now cancel orders, process deposits, trade on P2P, and more.Withdrawals will be resumed shortly after spot trading starts. Full details in the link below.https://t.co/bmVG5uQa2F— Binance (@binance) March 24, 2023The halt on deposits and withdrawal comes over a week after the top cryptocurrency exchange announced its intention to stop sterling deposits and withdrawals on its platform in May. A month earlier, the digital asset company halted dollar transfers on its platform. This article was written by Solomon Oladipupo at www.financemagnates.com.