Binance trading suspended: Why is Binance not working?

Eray Eliaçik
Mar 24, 2023
Crypto & Blockchain

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Binance trading suspended due to an "issue" in the engines. After the firm announced that Binance is not working, both Bitcoin and Ethereum dropped in value by 1% to $27,649 and 2% to $1,751, respectively, before recovering slightly. So, what is the issue?

More than 60% of all cryptocurrency spot trading takes place on Binance.

Binance trading suspended: While Binance is not working, BTC falling

Spot trading on the largest cryptocurrency exchange in the world has been temporarily suspended owing to an error. Despite the fact that the team has acknowledged the problem and is trying to fix it, the price of bitcoin dropped by almost $1,000 instantly.

Credit: Binance

In a following tweet, Binance CEO Changpeng Zhao stated the trading halt was precautionary and that the problem should be fixed soon.

CZ has been tweeting to reassure investors and traders despite the fact that spot trading, along with deposits and withdrawals, has been suspended on Binance.

As for the market, CZ has suggested that these problems probably won't have much of an effect by saying:

“When the biggest exchange halts trading, prices won’t move much. If it moves on smaller exchanges, when Binance comes back, our deeper orderbook will bring the price back, causing those guys to lose money. Traders know this.”

Update: All trading will resume at 2 pm UTC.


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