The world's largest cryptocurrency exchange has announced a temporary halt to spot trading due to an error.
Although the team said they were working on fixing the issue, the price of Bitcoin immediately dropped by almost $1 million. Binance took to Twitter to outline platform issues affecting spot trading functionality. The company said it suspended such transactions while it researched a solution.
An update from CEO Changpeng Zhao (CZ) sheds further light on the underlying nature of the problem. Despite assurances from the Binance team that they were working hard to fix the issue, BTC and the rest of the cryptocurrency market reacted with an immediate price drop.
The largest digital asset fell $700 to $27,500. Ethereum dropped from over $1,800 to $1,750 in minutes.
Another cryptocurrency giant, OKX, recently experienced a similar outage, which was related to some of its servers.
