By CCN: Binance users experienced extreme lag this morning, specifically with trade settlement and balance syncing. CEO Changpeng Zhao confirmed the issue on Twitter and promised the crypto exchange was working on it.
Bitcoin Traders Scream Bloody Murder as Binance Succumbs to Lag
Consequently, several crypto traders got stuck in trades they would otherwise have canceled, which meant unintended losses.
This just cost me 2k!!! Wtf man! Are u reimbursing this is not cool at all!
— Wizard of Crypto😎 (@Chad158) May 22, 2019
At least five users reported losses in the thousands of dollars. One person said they lost around 3 BTC.
I lost almost 3 btc
— seanray (@seanray_7) May 22, 2019
Chanpgeng Zhao, often referred to as “CZ,” is an unstoppable Twitter user, but he did not immediately respond directly to any of these public complaints. He blamed the lag on heavy order volumes.
We are seeing much higher order volumes (number of orders) than Dec 2017/Jan 2018 (the peak).
Trade (not order) volume in USD is 1/3 of the peak, but BTC price is 1/3 and ETH price is only 1/5 of the last peak, most other main alt prices are even lower. https://t.co/e9M20gqnm0
— CZ Binance (@cz_binance) May 22, 2019