Binance was recently in the spotlight the other day when it’s been revealed a move forward towards expansion.
Binance just teamed up with Simplex payment processing provider in order to allow more people to buy BTC, ETH, XRP, and more cryptos using their local fiat currency.
This move will help Binance users save money by eliminating bank fees and conversion rates that usually are charged by card companies.
Binance saw issues on the platform
Binance’s CEO Changpeng Zhao said that the reports of performance and accessibility issues on the platform are due to an overloaded system.
During the past few days, Binance users have been increasingly complaining a bout tech glitches such as delayed updates and interface errors.
Binance CEO, Changpeng Zhao said that many more people are using the platform now as opposed to the last time BTC hit $10,000 – and this is basically 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,” he said.
Zhao continued and explained that “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 also made sure to highlight the fact that his team will definitely solve the problem, and he’s optimistic about this issue.
“Expecting a mixed bag of bashing and support in the comments,” Zhao said.
You can check out Zhao’s full statement in order to learn more about what he had to say.
Following the issues with Binance, Bitcoin dropped a lot in price yesterday in just an hour as it’s been already reported and a massive selloff is suspected to be the cause besides huge volatility.