Binance, the world's largest cryptocurrency exchange by reported trading volume, has temporarily halted spot trading due to an issue that is currently impacting its platform, according to a tweet posted earlier today.
The crypto giant informed its users that its team is working to resolve the issue as soon as possible.
Binance has not provided any further details on the nature of the problem that led to the sudden suspension or when exactly it is expected to be resolved.
The community's reaction to the news of Binance temporarily suspending spot trading seems to be a mix of concern, humor and reassurance.
Some users expressed worry about the technical issue, while others joked about the situation or suggested using decentralized exchanges instead.
There were also comments reminding users that their funds were "safu" and encouraging them to stay calm.
In response to the temporary halt in spot trading, Binance CEO Changpeng Zhao, also known as CZ, tweeted, "Working on it." The brief statement from the head of the world's largest cryptocurrency exchange offered reassurance to users that the issue was being addressed.
Bitcoin (BTC) is currently training slightly below the $28,000 level. The largest cryptocurrency has reacted negatively to the suspension news. On the Kraken exchange, Bitcoin experiences abnormal volatility, abruptly dropping to the $27,300 level before recovering.
Update (12:01 p.m. UTC): According to CZ, initial analysis suggests that a bug on a trailing stop order caused the matching engine to encounter a problem. The exchange has paused deposits and withdrawals as a standard operating procedure. Binance estimates that it will take between 30 and 120 minutes to resolve the issue.
Godfrey Benjamin
Yuri Molchan
Tomiwabold Olajide