Crypto giant Binance resumes withdrawals and spot trading after glitch-caused outage

Updated at 7:02 a.m. PT on March 24: Binance said it has completed maintenance and resumed deposits, withdrawals, and spot trading functionality. Our original story follows.

Binance, the world’s largest crypto exchange, has temporarily suspended all spot trading, deposits and withdrawals citing an “issue” which it is working to resolve.

“Initial analysis indicates that the matching engine has encountered a bug on a trailing stop order (a strange one),” Binance Founder and CEO Changpeng Zhao said in a tweet, adding that the company expects things to recover within two hours.

Binance controls over 60% of all crypto spot volume. It has also grown its Bitcoin spot volume market share to over 90% in recent quarters, thanks to zero commission, according to Arcane Research.

Bitcoin fell 1% to $27,649 and Ethereum fell 2% to $1,751 on the news before recovering slightly.