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.

CZ Comes To Rescue Binance

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)

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.