Changpeng Zhao, the CEO of cryptocurrency exchange Binance, says reports of performance and accessibility issues on the platform are due to an overloaded system.
In the past few days, Binance users have increasingly complained about technical glitches such as interface errors and delayed updates.
In a statement released on Monday along with a series of tweets, Zhao says far more people are using the platform now as opposed to the last time BTC hit $10,000 – and it’s straining the system.
“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.
The difference between BTC at $10,000 this time around and the previous times is, there are a lot more users now. While this is a solid sign of strong recovery for the crypto market, it also puts on significant load for our systems.”
Zhao says he’s optimistic his team will solve the issues, but it won’t happen overnight.
“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.”
Binance is asking anyone who believes they were “unfairly affected” by the issues to submit a support ticket for review.
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