Binance Temporarily Suspends Spot Trading; Bitcoin Dumps $700 Immediately
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Crypto exchange Binance suspended spot trading amid an issue on the world’s most-used trading platform for cryptocurrencies.
“We are aware of an issue impacting spot trading on Binance,” Binance tweeted. “All spot trading is currently temporarily suspended as we work to resolve this as soon as possible.”
Binance CEO Changpeng Zhao said in a follow-up tweet that the issue is expected to be resolved in the coming hours and that the trading pause was a safety measure.
“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish,” Zhao tweeted. “Deposits & withdrawals are paused as a SOP (standard operating procedure).”
Bitcoin saw a slight sell-off as the news came out at writing time on Friday, losing the $28,000 level to under $27,300 at writing time.
(This is a developing story and will be updated.)
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Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
