Binance said it temporarily suspended spot trading on its platform due to an unnamed issue.
The crypto exchange tweeted that they are aware of an issue affecting spot trading and are working to resolve it soon.
The exchange did not provide any additional information about the problems.
Binance CEO Changpeng “CZ” Zhao described the issue as “strange”. He said:
“First analysis shows that the matching engine encountered an error on a trailing stop order.”
He added that deposits and withdrawals have been suspended as standard procedures, assuring users that thieves’ funds are safe. He expects the recovery to take between 30 minutes and two hours.
Binance’s status page revealed that withdrawal and deposit functions have been suspended for all crypto assets on its platform.
Binance had not responded to CryptoSlate’s request for comment at the time of writing.
Following the news, Bitcoin (BTC) plunged 1.39% to $ on the 1-hour candle27,635, according to CryptoSlate data.
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