Just yesterday, October 25, Binance, the world’s largest cryptocurrency exchange in terms of volume, had announced that the platform was undergoing some problems in the deposit process of ETH/ERC20 tokens.
On October 20, Changpeng Zhao or CZ, the CEO of Binance, assured users that the issue was not very grave and that the problem lies in the fact that the number of transactions and addresses on the platform had grown exponentially.
He also pointed out that such a shutdown was expected as most wallets are not equipped to deal with such mammoth amounts of transactions, and further added that Binance was doing everything in its power to fix the problem.
Post CZ’s announcement, a lot of cryptocurrency enthusiasts had their own opinion on the problem, with DCFreak, a Twitter user stating:
“delist all ERC20 tokens espz!”
Another Twitter user, RockstarToken said:
“We love you @cz_binance. You’re awesome. You guys are doing a great job. No worries. With complexity and variables… all we can do is roll with it.”
Binance users heaved a sigh of relief when CZ announced just 14 minutes after his previous tweet that the issue was fixed and there shouldn’t be any problem with the ERC20 tokens.
The timing of this shutdown is quite coincidental, happening just a day after CZ and Binance spoke at the World Investment Forum. During the conference backed by the United Nations, CZ spoke about how cryptocurrencies can solve the issue of transparency, with the added advantage of faster and more seamless transactions. He said:
“The world of blockchain technology has a lot of use cases and has to be remembered by everyone. Personally, I believe that with better transparency, we can have 100 times better results.
The Binance official also stated that the absence of achievement, tangibility, and purpose will be overturned by the use of technology. Zhao had gone on to say that:
“Moving money to deal with social problems is also another way to increase adoption. The sheer number of people who have donated to the BCF is also amazing, and I would like to thank Justin Sun, who donated $3 million to this cause.”
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