Binance, the largest cryptocurrency exchange in the world right now, has decided to temporarily stop spot trading on the platform.
The announcement came after the most popular coin, Bitcoin plunged by 3% on Friday, March 24.
Binance is Currently Resolving Spot Trading Issue
The world's largest crypto exchange has temporarily halted the spot trading on the platform.
According to a recent report by FX Street, Binance is currently on the move to look for the potential reason behind the spot trading issue.
We are aware of an issue impacting spot trading on Binance.
— Binance (@binance) March 24, 2023
All spot trading is currently temporarily suspended as we work to resolve this as soon as possible.
New updates will be shared here.
"We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible," Binance posted on its official Twitter account.
While the company did not detect the nature of the problem, it looked forward to bringing a fix to the issue ASAP.
Binance also tweeted that deposits and withdrawals will be paused as part of the standard operating procedure or SOP.
An hour ago, the company wrote that Engine 1 returned to normal operations online. It added that the team has been "taking hourly snapshots" for the bug. More reconciliations will be made and it might take a longer time before everything goes back online.
TechCrunch reports that the majority of crypto spot volume is under Binance. The company is reportedly handling more than 60% of the volume globally.
Arcane Research notes that the zero commission is the key reason why the shares of Bitcoin spot volume have skyrocketed for the recent quarters by more than 90%.
We expect that new updates will be announced by Binance once there's progress made in line with spot trading suspension.
Binance's Involvement in Bitzlato Money Laundering Scam
Earlier this year, Tech Times reported that Binance has appeared to be a frontrunner in one of the biggest illegal money transfers so far.
Crypto trading platform Bitzlato was accused of sending $346 million of "illicit" funds via Binance.
According to the authorities, Binance was one of the receiving parties which got the money from another platform. The incident took place between January 1, 2018 and June 30, 2022.
For the past four years, Binance was often involved in money laundering allegations. As such, law enforcement agencies thought that scammers were conniving with the company to carry out their illegal operations amid restrictions.
Related Article: Binance Wants to Increase Employment by 15-30% in 2023
Bitcoin Price Falls Below $27,300
After Binance announced the temporary suspension of spot trading, Bitcoin slightly plunged below $27,300 from $28,000, according to Coindesk.
Meanwhile, the second largest cryptocurrency on the planet dropped by 2% in trading. Ethereum plunged to $1,751 at the time of writing.
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Meanwhile, check our latest report about the best crypto picks for beginners in 2023.
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