Popular blockchain and cryptocurrency platform Binance revealed on Friday that all spot trading has been temporarily suspended while it attempts to fix an issue.
“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,” the company tweeted.
Furthermore, the CEO of Binance, Changpeng Zhao, posted an update on his Twitter account @cz binance, stating that the crypto exchange “encountered a bug on a trailing stop order.”
“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one),” Zhao tweeted.
“Recovering. Est 30-120 min ish. Waiting for more precise ETA. Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU,” he added.
Binance controls more than 60% of total crypto spot volume.
Because of the zero commission, the world’s largest crypto exchange has boosted its market share in Bitcoin spot trade to more than 90% in recent quarters, according to Arcane Research.
