Binance’s Systems are Overloaded, CEO Says Traffic Boom Shows Crypto Market Recovery
Within the previous few days, Binance users kept complaining about technical issues like interface errors and delayed updates.
In response to the issues, the company’s CEO, Changpeng Zhao, said such reports regarding the platform are because of an overloaded system.
The CEO commented on the issue in a statement published on February 17 together with some tweets. According to Zhao, far more individuals are currently utilizing the platform as against the last time the price of Bitcoin attained $10k, and it is putting pressure on the system.
He noted that the firm had faced such challenges before and solutions will still be provided in the future. He said the firm is humbled for having the heaviest traffic in cryptocurrency, and people’s support.
Notably, he said it is a robust signal of a powerful recovery for the cryptocurrency markets, thereby placing remarkable load on the firm’s systems. On Twitter, Zhao expressed his optimism about his team’s ability to find solutions to the issues:
Expecting a mixed bag of bashing and support in the comments. Won't be able to address them all. Busy working on fixes.
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. 🙏🙏🙏
— CZ Binance 🔶🔶🔶 (@cz_binance) February 16, 2020
He said the firm is asking individuals who think they were “unfairly affected” by the issues to report by submitting a support ticket for review.
Featured image courtesy of Shutterstock. Source: Cryptopress.