CZ: No system can maintain 100% uptime. All affected users have been duly compensated by Binance

BlockBeats News, January 31, Binance founder CZ spoke in an AMA response to recent market FUD, stating:

“Some people complained that the sharp drop may have been caused by a system issue. As far as I know, there were indeed some systemic performance issues during peak hours. I believe all users affected by this have already been duly compensated by Binance.

Binance has gone above and beyond in taking care of its users. At the same time, it is also important to understand that no technology in the world can guarantee no issues forever. I do not believe any website, any exchange can guarantee 100% uptime. The internet may go down, Cloudflare may have problems, sometimes even X (Twitter) goes down, and other platforms may face issues as well. If your trading strategy is built on the assumption that all these things will always function normally, then any weakness in any link will lead to losses, which likely means you are taking on excessive risk. Although the user terms clearly state that such incidents may occur and the platform is not liable, I believe Binance has done a very good job in compensating for the losses arising from this, even though it was not obligated to do so.

Furthermore, there are many people who have absolutely nothing to do with those minor system issues but still want to claim losses. From what I understand, only a small number of users had traceable account balance update issues. However, many other users, whose losses are not related to this, also want to file claims regarding these issues. Moreover, a large group of people claim that the entire drop on October 10 was entirely caused by Binance and demand compensation for everything. This is equally unreasonable.”