Binance will open SPOT trading in roughly 60 minutes, CZ confirmed

This afternoon we saw a halt in spot trading on Binance. Other exchanges saw a sharp drop in BTC price due to this.

Timeline based on CZ's tweets
Around 13:00 european time:
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

30 minutes later:
Trading halts are P0 all-hands-on-deck issues. All internal meetings cancelled, for 8000+ people. Single focus until full recovery. My main job is tweeting, while listening in on the dev call. No filter or proof-reads.

5 minutes later:
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.

20 minutes later:
There will be a period for "cancel only" before matching begins, usually 30 min.

Another 20 minutes later (he still has time to joke):
2022, no outage. 100% up time. Wrote that in the year end report. I knew it was going to change...

NOW:
Est 60 min ish ETA. Our team's doing pre-trading tests now. For those new with us, our resume SOP is roughly as follows:
- Announcement with exact times (soon).
- Deposit enabled (done now).
- Internal transfers enabled (done now).
- 30 min of cancel-only mode (not yet) Resume trading
- Enable withdrawals, usually 1 hr after trading.

There is a lot of tasks and real-time cross checks happening in the background before and after each step. Thank you for your understanding and support!

​

I wonder what prices will do due to the trading coming back online.