The cryptocurrency giant is currently experiencing a technical problem on its platform, preventing investors from carrying out certain trading operations.
The information fell a few minutes ago. The cryptocurrency giant Binance has announced the suspension of spot or cash trading (immediate trading as opposed to futures trading, which has a given expiry date, Editor’s note) on its platform, citing a technical problem. The announcement caused Bitcoin’s price to drop from $28,000 to $27,700 in a matter of seconds.
“We are aware of an issue affecting spot trading on Binance,” Binance tweeted. “All spot trading is currently temporarily suspended as we strive to resolve this issue as soon as possible.”
Binance boss Changpeng Zao (CZ) reported that the platform’s matching engine encountered a “bug”, which should be resolved within 120 minutes at the latest. “Deposits and withdrawals are paused”.
Launched in 2017, Binance is the world’s leading cryptocurrency exchange, with 120 million users. A few weeks ago, the platform faced some issues around its BUSD stablecoin. Similarly, US senators have criticized the platform for being a “hotbed of illegal financial activity”.