Crypto exchange Binance is temporarily suspending all spot trading

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Leading blockchain and cryptocurrency platform Binance announced on Friday that it has temporarily suspended all spot trading on its platform to resolve an issue.

“We are aware of an issue affecting spot trading on Binance. All spot trading is currently temporarily suspended while we work to resolve this as soon as possible. New updates will be shared here,” the company tweeted.

In addition, Binance’s CEO, Changpeng Zhao from his Twitter account @cz_binance shared an update stating that the crypto exchange “encountered a bug on a trailing stop order”.

“Initial analysis indicates that the matching engine encountered a bug on a trailing stop order (a weird one),” Zhao tweeted.

“Recoverable. Estimated 30-120 min. Waiting for a more precise ETA. Deposits and withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU,” he added.

Binance controls more than 60 percent of all crypto spot volumes.

The world’s largest crypto exchange has also increased its Bitcoin spot volume market share to more than 90 percent in recent quarters, due to zero commission, according to Arcane Research.