General News

“exchanges behave like banks”

Key facts:

There are those who estimate that a significant investment in process was the cause of the suspension of the service.

At the close of this installment, Binance’s withdrawal service is already up and running.

Rejection, criticism, annoyance, discomfort. That is the unison reaction of the users of the bitcoin exchange (BTC) Binance, which this Monday morning suspended all withdrawals citing a “long delay” in the network.

Elia Muschio, a user of the world’s largest exchange house, called the action illegal and filed a lawsuit against Changpeng Zhao’s company for attacking customers.

Can’t I have MY MONEY? This is illegal, how many hours do you need before we initiate a legal class action because you are acting illegally against your clients? Act fast as soon as possible! ”He lashed out.

Another user, Ronald Malmstead, suggested that just because of those faults are necessary regulations of the cryptocurrency market. “To protect consumers,” he wrote.

From their point of view, exchanges should be obliged to deliver to users the private keys of the wallets. “They have too much control over what are supposed to be decentralized payment systems. Exchanges behave exactly like the banks that control our dollars, “he said.

In another line, the user @OrbisViz, warned that, due to these recurring failures, Binance will lose customers.

“We understand that your team is working hard. But this also happened several times in the past week. Not good if you want to brag about being the best. You will lose a lot of customers because of this mess, “he said.

Binance, which is the world’s largest exchanges, said on Twitter that the failure recorded early was a temporary suspension and that the company’s technology team I was already working to fix it “With the highest priority”, as we reported in ..

We have temporarily disabled all cryptocurrency withdrawals on due to a long delay. Rest assured that our team is working on it with the highest priority. Thank you for your patience and apologies for the inconvenience.

Binance via Twitter.

At the end of this note, the withdrawal service is already in full operation.

Binance reported drops and failures in previous weeks / Source: Twitter.

A big investment on the way?

Other users predicted a great investment to be confirmed shortly, and that is precisely why the “long delay” was reported. This is the case of the Twitter user @CryptoViv, who points out:

Investment confirmed shortly! This will be huge, buckle up. I have experienced this first hand 3 times in different Tier 1 exchanges.

He agreed with @jay_plazos, who commented: «Gigantic investment after the service is resumed. This always happens ”, although so far there is nothing official in that sense.

The falls of Binance

What is happening now with Binance is not new. Several crashes and errors within the platform of exchanges were registered in previous weeks.

The most recent was on October 21, when a “lightning crash” or flash crash on Binance.US brought down the price of bitcoin on the platform. at lows of USD 8,200.

The fact was recorded in the morning hours of October 21, in the trade of the BTC / USD pair. The phenomenon caused the cryptocurrency to plummet by 87%, with a trading volume of 592 BTC, although the price quickly normalized.

Propitious was the fall for a user who managed to buy 1 BTC at USD 11,000, just at a time when the market’s leading cryptocurrency was trading above USD 65,000 on other exchanges.

About the author

Donna Miller

Donna is one of the oldest contributors of Gruntstuff and she has a unique perspective with regards to Science which makes her write news from the Science field. She aims to empower the readers with the delivery of apt factual analysis of various news pieces from Science. Donna has 3.5 years of experience in news-based content creation, and she is now an expert at it. She loves journalism, and that is the reason, she moved from a web content writer to a News writer, and she is loving it. She is a fun-loving woman who has very good connections with every team member. She makes the working environment cheerful which improves the team’s work productivity.

Add Comment

Click here to post a comment