Binance, the leading cryptocurrency exchange worldwide, has recently suspended spot trading, deposits, and withdrawals due to an issue that needed to be addressed. Fortunately, after conducting a maintenance check, Binance has announced that it has already resolved the issue and resumed all functionalities.
Matching Engine Bug Causes Suspension of Spot Trading, Deposits, and Withdrawals
Binance Founder and CEO, Changpeng Zhao, took to Twitter to explain that a “weird” bug on a trailing stop order has affected the matching engine. Binance has conducted an initial analysis and is currently working to resolve the issue. Zhao stated that they expected everything to return to normal within two hours.
Binance Holds Significant Market Share of Bitcoin Spot Volume
Binance accounts for over 60% of all cryptocurrency spot volume, and its market share of Bitcoin spot volume has surged to over 90% in recent quarters, thanks to its zero commission offering, according to Arcane Research.
Market Reaction to Binance’s Temporary Suspension
Following Binance’s announcement, Bitcoin’s value dropped 1% to $27,649, while Ethereum’s value fell 2% to $1,751. However, the market has since recovered slightly.
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With its completion of maintenance and resumption of deposits, withdrawals, and spot trading functionalities, Binance has shown its commitment to providing top-notch service to its users. Despite the temporary suspension, Binance remains the go-to exchange for traders worldwide due to its dominance in the market and innovative offerings.