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Binance temporarily suspends all spot trading on its cryptocurrency exchange

Binance suspends spot trading

A temporary suspension of spot trading on Binance was announced by the leading blockchain and cryptocurrency platform on Friday. Due to zero commissions, the world’s largest crypto exchange has also increased its market share of Bitcoin spot volume to over 90 percent in recent quarters, according to Arcane Research.

Binance has encountered an issue impacting spot trading and is addressing the matter quickly with all spot trading temporarily paused. The CEO, Changpeng Zhao, tweeted that the bug in question was located in a trailing stop order and that it would take approximately half an hour to two hours to restore operations. He also mentioned that deposits and withdrawals have been suspended as part of standard operating procedure and reaffirmed that “funds are #SAFU”. With more than 60% of crypto spot volume handled by Binance, the company is aiming to get the exchange running again promptly.

Changpeng Zhao, the CEO of Binance, shared an update via his Twitter account @cz_binance, saying that the crypto exchange “encountered a bug on a trailing stop order”.

The matching engine encountered a bug on a trailing stop order (a weird one), Zhao tweeted.

“Recovering. Estimated 30-120 minutes ish. Waiting for more precise ETA. Deposits and withdrawals have been paused as a standard operating procedure. Funds are #SAFU,” he said.

Binance commands over 60 per cent of all crypto spot volume.

Furthermore, the world’s largest crypto exchange has increased its market share of Bitcoin spot volume to over 90 per cent in recent quarters.

In recent quarters, the world’s largest crypto exchange has also increased its market share of Bitcoin spot volume to over 90% due to zero commissions.

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