update 27 October 2021

Binance CEO Sees The Platform’s Overload as A Boost in The Crypto-Market

Binance recently sparked talks in the financial world, due to the revelation of taking a forward step towards expansion.

While teaming up with the Simpex Payment Processing Provider, Binance plans to enable more people to buy BTC, ETH, XRP, and other cryptos with fiat currencies at their convenience.

Binance will now give users the ability to save money by eradicating extra fees such as bank levies and conversion tariffs that card companies charge regularly.

Solutions to The Issues Facing Binance

Changpeng Zhao, Binance’s CEO, shed light on the performance and accessibility issues facing the platform. He sourced the hurdles on the platform to an overloaded system.

Recent times have seen Binance users tirelessly complain about technical glitches resulting in delayed updates and interface errors.

Mr Zhao stated that numerous people are currently using the platform, contrary to times when BTC hit the $10k mark– and this has led to a strain in the system. He went on to reassure that Binance has dealt with such issues before and solved them successfully. He also thanked Binance’s users for bringing in the greatest traffic and their continued support.

Zhao further expounded on his explanation stating the difference between BTC at $10,000 recently and previously, is there are more users now. He continued to say that despite this coming out as a massive boost to the crypto market, it also signals an overload on their systems.

The CEO also didn’t forget to voice his assurance and faith in his team to eventually solve the problem, stating how optimistic he is about this issue. He reassured that the problem was fixable through integrating short, mid, and long-term approaches.

“Not everything can be implemented right away, but they will get done. Expecting a mixed bag of bashing and support in the comments.” Zhao added.

To learn more about Binance’s position in the matter, check out Zhao’s full statement.

Bitcoin live price
price change

The ongoing problematic spell in Binance was subsequently followed by a massive Bitcoin price-drop in just an hour yesterday. The cause is suspected to originate from a big selloff which directly boosted the unpredictable volatility.