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Breaking: Binance suspends spot trading, citing issues

Breaking: Binance suspends spot trading, citing issues
FXStreet TeamFXStreet TeamFXStreet

Binance, one of the world's largest cryptocurrency exchanges by trading volume, announced that it halted spot trading. The announcement from the exchange caused Bitcoin (BTC) and Ethereum (ETH) to drop by nearly 3% and 4%. 

Although it is unclear when Binance will resume its spot trading, it said that the suspension was due to a known issue.

Changpeng "CZ" Zhao, the exchange's billionaire executive, clarified that the issue was caused when the platforms' matching engine encountered a bug in the trailing stop-loss feature. The CEO assured that the platform had stopped deposits and withdrawals due to the issue as a standard operating procedure.

CZ further noted that it would take roughly 30 minutes to two hours before the spot trading features are enabled again.

Read More: Binance Coin price set to tank 12% as Chinese regulators probe Binance

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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