Binance traders are outraged today after a ‘slight delay’ in the order book created widespread REKT-age.
Binance CEO Slammed for Subpar UI
Binance CEO Changpeng Zhao (CZ) tweeted out to his followers today about a “slight delay” in order book display across some trading pairs.
He told them to reset-assured that there was nothing more sinister at play. The team was working it, he said, and “Funds are #SAFU,” meaning all users’ assets are safe.
https://twitter.com/cz_binance/status/1227894923120136192
However, that message was of little comfort to a myriad of traders stuck in positions unable to exit. In under an hour, the tweet had already provoked hundreds of replies–and the number is steadily rising.
One angry user commented:
thanks for let Bitcoin price crash from 10.5k in 10.1k in 5 min sir
While plenty of others pointed to Binance’s less-than-robust User Interface:
Is this finally a moment you consider improving your UI first, before adding more stuff?
Others pointed out that CZ’s funds may be safe. But;
wat about us? ? cant even cancel my order ? and How funds are safe when market drops 10%?
Problem Swiftly Fixed – But Who Will Handle Losses?
The lagging issue was swiftly fixed and CZ apologized “for the inconvenience.”
https://twitter.com/cz_binance/status/1227901666113945600
But that will do little to comfort the army of angry traders who absorbed substantial losses on Binance exchange today. Indeed, the lagging coincided with the moment when BTC price spiked to $10,500 and then abruptly dropped by 10%.
Many of CZ’s followers questioned who would be covering their losses, with one angry follower tweeting:
Lost 17,100?! Can you reimburse me for this loss!!!!
There were even a few accusations of internal trading as the furious following vented their rage. And, they certainly have a point.
While downtime and system lags can be unavoidable in financial software, a powerhouse like Binance should really have these matters under control.
Before the exchange adds new features, increases leverage, and trading pairs, it should probably make sure that its order book can handle its core business.
Do you think that Binance should cover the losses created by the downtime? Add your thoughts below!
Images via Shutterstock, Twitter @cz_binance