Binance, the world’s largest crypto exchange by volume, halted trading on its futures platform Thursday after what it called a “system issue” affecting its Unified Margin (UM) product.
“All futures trading is temporarily unavailable,” Binance said in a post on X, adding that its team is working to resolve the matter.
The outage leaves traders unable to close or manage positions, raising concerns across the derivatives market where Binance commands a large share of global volume.
UM, launched in 2022, allows users to pool margin assets across contracts and collateral types — meaning a shutdown has broader implications than a standard product outage.
Binance has over $40 billion in open interest across crypto futures positions as of Friday morning.
Binance did not provide a timeline for when trading would resume. Past disruptions on the exchange, often tied to technical bottlenecks during periods of high volatility, have typically lasted from under an hour to several hours.
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