Leading blockchain and cryptocurrency platform Binance on Friday announced that it has temporarily suspended all spot trading on its platform as it works to resolve 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.
Moreover, the CEO of Binance, Changpeng Zhao from his Twitter account @cz_binance shared an update saying 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 commands over 60 per cent of all crypto spot volume.
According to Arcane Research, the world's largest crypto exchange has also increased its market share of Bitcoin spot volume to over 90 per cent in recent quarters, because of zero commission.