In a follow-up tweet, the CEO said that it is a “fixable problem with a combination of short, mid, and long-term solutions.” He tried to reassure traders that the problem was not serious.
Writing a detailed report on some of the perf issues we face in the last few days. Will publish in 24h or so. It's not the first time @Binance faced challenges, and it won't be the last time we solve them. We are humbled to have the heaviest traffic in crypto, and your support!🙏— CZ Binance (@cz_binance) February 16, 2020
The report, released Monday, broke down the issues into two parts: “too many requests” and market information update delays. Essentially, there was an overload of users due to the excitement surrounding Bitcoin’s $10k price. However, the exchange notes that these issues are something they can solve “quickly,” as they occur, even if they can’t always proof for the future. It seems Binance has been well-aware of the controversy building up on Twitter and beyond. The timing of Binance’s issues has also caused some speculation that it may be partly responsible for the weekend’s market rout, which saw many cryptocurrencies drop by double-digits. Binance remains the leading exchange for all altcoin trading. Many have also criticized Binance’s failure to address fundamental functionality issues while listing new altcoin pairs and ways to margin trade. Hopefully, the exchange will improve its sluggish and partly-broken UI rather than list new cryptocurrencies in the weeks ahead. Since issues at Binance generally affect the entire market, all cryptocurrency holders and traders should hope for this to be resolved as soon as possible.
Expecting a mixed bag of bashing and support in the comments. Won't be able to address them all. Busy working on fixes.— CZ Binance (@cz_binance) February 16, 2020
It's a fixable problem with a combination of short, mid and long term solutions. Not everything can be implemented right away, but they will get done. 🙏🙏🙏
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