Breaking: Binance Temporarily Suspends Spot Trading; Bitcoin Losses $28k Mark

Bitcoin News: Binance, the world’s largest crypto exchange announced that all spot trading on the platform is suspended on a temporary basis. It added that they are aware of an issue impacting the service and it will be resolved as soon as possible.

Changpeng Zhao (CZ), CEO of Binance stated that after an initial analysis, it is indicated that the matching engine encountered a bug on the trailing stop order. He highlighted that the estimated recovery time has come out to be anywhere between 30-120 minutes.

CZ indicated that deposits and withdrawals are paused as a part of SOP and all the funds are safe. However, the state of orders in the matching engine might affect the available funds for withdrawal, he added. Read More Bitcoin News Here…

As per CZ, the biggest exchange pausing trading won’t affect crypto prices much. However, when Binance will be up again, their deeper order book will bring the prices back to normal.

Also Read: Binance.US To Get Wells Notice Next? XRP Lawyer Claims This

(THIS IS A DEVELOPING STORY)

The post Breaking: Binance Temporarily Suspends Spot Trading; Bitcoin Losses $28k Mark appeared first on CoinGape.

Source: https://coingape.com/binance-temporarily-suspends-spot-trading-btc-losses-28k-mark-bitcoin-news/