Updated at 7.02 Pacific Time on March 24: Binance said it has completed the maintenance and resumed deposits, withdrawals and spot trading functionalities. Our original story follows.
Binance, the world’s largest crypto exchange, has temporarily suspended all spot trading, deposits and withdrawals citing an “issue” that it’s working to resolve.
“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one),” Binance founder and chief executive Changpeng Zhao said in a tweet, adding that the firm expects things to recover within two hours.
Binance commands over 60% of all crypto spot volume. It has also increased its market share of Bitcoin spot volume to over 90% in recent quarters, thanks to zero commissions, according to according to Arcane Research.
Bitcoin fell 1% to $27,649 and Ethereum fell 2% to $1,751 on the news before recovering slightly.