Binance the world’s biggest cryptocurrency trading platform, temporarily stopped all spots for trading, deposits, and withdrawals, citing the existence of an “issue” that it’s working to fix.
“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one),” Binance CEO and founder Changpeng Zhao said in a tweet in which the company said it anticipates that things will be fixed within the next two hours.
Binance holds more than 60% of the cryptocurrency spot volume. It also has grown its part in Bitcoin spot volumes to nearly 90% in the last quarter due to the absence of commissions, according Arcane Research.
Bitcoin dropped 11% to $27,649 while Ethereum dropped by 2% to $1751 following the news, before recovering somewhat.
