In a surprising turn of events, Binance, the world's largest cryptocurrency exchange by daily trading volume, has temporarily suspended all online spot trading on its platform.

Nasdaq Inc. expects its custody services for digital assets to launch by the end of the second quarter as it joins a growing pool of traditional financial firms that could fill the role of crypto middlemen following a spate of bankruptcies in the industry.

Binance said it has temporarily suspended spot trading on its platform due to an unnamed issue.

Crypto exchange Binance suspended spot trading amid an issue on the world's most-used trading platform for cryptocurrencies.

Binance founder Changpeng “CZ” Zhao has touted the exchange’s know-your-customer systems, known as KYC, as a billion-dollar effort. Among other functions, they are supposed to stop customers that aren’t supposed to be on the platform, including residents of China.

Some Binance employees and trained "volunteers" are helping users in China and other countries evade Binance's Know Your Customer (KYC) controls, CNBC reported Wednesday, citing Chinese-language messages from a Binance-controlled Discord server and Telegram group.

TUSD's market capitalisation increased 82.6% to $2.04bn due to Binance's resumption of TUSD trading pairs and conversion of $1bn from BUSD to TUSD and USDT.

Cryptocurrencies have become a global phenomenon, and their popularity continues to grow as more people invest in them.

Binance’s Bitcoin (BTC)  liquidity for its TrueUSD (TUSD) rose more than 250% on March 22 after it phased out its zero-fee trading for other stablecoins.

Trading pairs with zero fees have accounted for roughly 60% of the total trading volume on the platform.