Binance, the biggest cryptocurrency exchange by trading volume, on Friday temporarily suspended all spot trading due to a bug, which it is working to resolve as soon as possible. Binance CEO Changpeng "CZ" Zhao said initial analysis indicated that the platform's matching engine, which matches buy and sell orders, encountered a bug on a trailing stop order. "Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU," CZ tweeted . "Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up," his latest tweet read. Bitcoin ( BTC-USD ) saw a sharp dip in its price as soon as Binance suspended trading, falling to as low as~$27.5K, but has since recovered to ~$27.9K. Earlier, Binance halted British pound deposit and withdrawal services for new users .
