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| Binance Temporarily Suspends All Spot Trading and Withdrawals Due to Technical Issue |
Binance, the world's largest cryptocurrency exchange, has announced a temporary suspension of all spot trading, withdrawals, and deposits. The company cited an "issue" it is currently working to resolve, stating that its matching engine encountered a bug on a trailing stop order. Binance CEO Changpeng Zhao tweeted that the firm expects to recover within two hours.
Binance is responsible for over 60% of all crypto spot volume and has been able to increase its market share of Bitcoin spot volume to over 90% in recent quarters thanks to zero commissions, according to Arcane Research. Following the announcement, Bitcoin's price fell by 1% to $27,649, while Ethereum's price dropped 2% to $1,751, before recovering slightly.
