• Crypto Agent

Arbitrage mania hits after Bytecoin is listed on Binance

Binance announced Bytecoin $BCN listing around 8pm Pacific time. The candles went green! Soon the price skyrocketed by triple digits. 

Seeing the unprecedented X10 price difference between other exchanges deposits of BCN flooded Binance. 

ar·bi·trage ˈärbəˌträZH/Submit noun 1. the simultaneous buying and selling of securities, currency, or commodities in different markets or in derivative forms in order to take advantage of differing prices for the same asset.

Next day Binance released a statement

Fellow Binancians, Due to Bytecoin (BCN) network issues, deposits and withdrawals are experiencing severe delays. The Bytecoin project team is working to resolve the issue. Please be cautious of high price volatility and trade with caution. Thanks for your support! Binance Team 2018/05/09 

On Bytecoin sub Reddit users are mentioning locked wallets on Poloniex and HitBTC as well.