Cryptocurrency exchange Binance has suspended trading due to an unknown
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Cryptocurrency exchange Binance has suspended trading due to an unknown error

One of the world’s largest cryptocurrency exchanges, Binance, has announced the suspension of spot trading. According to network sources, this happened due to an unspecified issue in the platform.

    Image Source: Kanchanara / unsplash.com

Image Source: Kanchanara / unsplash.com

“We are aware of an issue affecting cash trading on Binance. All spot trading is currently suspended, we are working to resolve this issue as soon as possible.”– said in a message that was published on the company’s Twitter account.

Binance CEO Changpeng Zhao said that the issue will be resolved within a few hours and the suspension of spot trading is a necessary security measure. “The first analysis showed that the matching engine found an error in the trailing stop order (strange error). Recovery takes about 30-120 minutes. Deposits and withdrawals will be suspended according to standard procedure.”‘ Zhao said in a post.

After the issue became public in Binance’s work, bitcoin price fell below $27,300 per coin, but then gradually recovered. At the time of writing, one bitcoin was worth approximately $28,024 (CoinDesk data).

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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