Crypto giant Binance temporarily suspends spot trading

Binance has temporarily suspended all spot trading on the world’s largest crypto exchange citing an “issue” that it’s working to resolve.

The exchange did not identify the nature of the issue, but said in a tweet that it was working to bring back the functionality “as soon as possible,” suggesting the bottleneck isn’t significant.

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

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

More to follow.