Topline
Binance, an online exchange for cryptocurrencies, halted spot trading, deposits and withdrawals Friday morning after the company found an “issue” on a spot order, sending Bitcoin prices down about 2.5% before recovering.
The Binance app icon is seen on a smartphone.
Key Facts
Binance CEO Changpeng Zhao said he expects the issue to be resolved in the coming hours, calling it the company’s “single focus.”
Binance said it was aware of the issue before 8 a.m. this morning, with Zhao telling Twitter followers initial indications show the pause was caused by “a bug on a trailing stop order” and that it was standard operating procedure for deposits and withdrawals to be halted.
About an hour after Binance initially announced the pause, Zhao said Engine 1 was back up, but cautioned it would take time for the other engines to catch up.
Bitcoin saw a $700 sell-off Friday morning, before recovering.
This is a developing story and Forbes will continue to update it.
Further Reading
Coinbase Crypto Exchange Faces Possible SEC Charges, Company Says (Forbes)