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Binance halts deposits, withdrawals after technical glitches - CEO

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LONDON, March 24 (Reuters) - Cryptocurrency exchange Binance has suspended deposits and withdrawals on its platform due to technical issues affecting its spot trading, Chief Executive Changpeng Zhao said in a tweet on Friday.

"Initial analysis indicates matching engine encountered a bug on a trailing stop order," he said in a tweet, adding that the pause in deposits and withdrawals was a standard operating procedure.

"Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up," Zhao said in a subsequent tweet.

Last week Binance, the world's largest crypto exchange, said it will be halting its sterling deposits and withdrawals, a month after it ceased dollar transfers.

The cessation of traditional currency transfers comes amid a growing crackdown on crypto 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.

Reporting by Jaiveer Singh Shekhawat in Bengaluru and Tommy Reggiori Wilkes in London; Editing by Arun Koyyur, Kirsten Donovan
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