Disappointing Binance US and Bakkt Launches Have Something in Common
Yesterday's Binance U.S. site launch could have been smoother. Users can't withdraw funds, stop limits are not working, and other bugs. | Credit: Reuters/Darrin Zammit Lupi
Binance U.S. launched yesterday, Sept. 24. To celebrate the highly anticipated event in the crypto community, Binance offered some freebies and discounts such as zero fees until Nov. 1 and free Binance hoodies. Also, BNB fee discounts, as well as commission-based referrals, will kick-in on Nov. 1 after the zero trading fee campaign concludes.
Unfortunately, the launch did not go without a hitch. Many users experienced some difficulties while using the U.S. site of the largest cryptocurrency exchange.
The Bakkt bitcoin futures market launch a few days ago had something in common with the Binance U.S. launch; both could have been better. Read on to find out why.
Binance User: ‘Site is BUGGY’
A number of users experienced technical difficulties on Binance U.S. on their first day of trading. User Marty Scrollz had trouble withdrawing his coins. In a tweet to Binance.US , the user wrote,
The withdraw window available balance is in the way of the actual numbers and you can’t type in the amount.
In addition, Tate Nakatoshi also experienced errors when withdrawing his LTC funds. The user tweeted,
I cannot withdraw my LTC.
Also, user Egyptian Ute in San Diego had problems withdrawing funds. The user wrote,
Why can’t I withdraw my coins off the exchange?
Additional Bugs Users Are Reporting
On top of withdrawal concerns, some users were upset because critical functions such as stop-limits and order-limits were malfunctioning. User Nic was agitated that his stop-limit order did not go through. The user wrote,
Their stop-limits don’t work at all.
Another user had more or less a similar problem at Binance. A Twitter account named Sensible Yapper had trouble entering any amount in the order-limit function.
When Sensible Yapper tried to create a ticket to resolve the issue, he experienced a 404 error.
After the first two problems were resolved, the same user experienced another issue when trading BNB pairs.
Bugs and technical difficulties are expected on the first days of deployment. The good news is that Binance America as well as its CEO Catherine Coley were quick to respond to such issues. It shows that they are committed to serving their customers.
Bakkt Recent Underwhelming Launch
Binance U.S. is not the only crypto-related platform or market that launched recently. Bakkt finally launched its long-awaited bitcoin futures market a few days ago on Sunday evening. Many traders and analysts in crypto were not too optimistic about the launch. Perhaps both of these not-so-successful launches back-to-back had something to do with the No. 1 cryptocurrency, bitcoin, plunging.
