The largest exchange Binance announced the temporary suspension of spot trading due to a software error.
A statement from the trading platform noted that the problem will be corrected soon. However, on the wave of negativity, the cryptocurrency market began to decline. Bitcoin fell to $27,793 and ether sank to $1765.
Other leading digital currencies also retreated as traders weakened.
On Twitter, the Binance administration said that the failure caused problems with the processing of transactions on the spot platform. That’s why the decision was made to stop trading and promptly start repair work.
Binance CEO Changpeng Zhao commented on the situation. According to him, due to an error in the work of the order matching system, the trading platform has applied the standard procedure – suspended the withdrawal of funds and deposits. Another major cryptocurrency exchange OKX faced the same problem earlier. It also temporarily stopped processing transactions due to the failure of several servers.