Disappointing Binance US and Bakkt Launches Have Something in Common

Kiril Nikolaev @kirilnikk123
September 25, 2019

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.

Binance putting the pedal to the metal on launch day. | Source: Twitter

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.

User is experiencing issues when withdrawing funds | Source: Twitter

In addition, Tate Nakatoshi also experienced errors when withdrawing his LTC funds. The user tweeted,

I cannot withdraw my LTC.

Another user having problems withdrawing funds | Source: Twitter

Also, user Egyptian Ute in San Diego had problems withdrawing funds. The user wrote,

Why can’t I withdraw my coins off the exchange?

Another user who can’t withdraw funds | Source: Twitter

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.

One user was clearly disappointed that his stop loss was not triggered | Source: Twitter

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.

A user struggling to use the order-limit functionality | Source: Twitter

When Sensible Yapper tried to create a ticket to resolve the issue, he experienced a 404 error.

Even the page to create tickets was not available | Source: Twitter

After the first two problems were resolved, the same user experienced another issue when trading BNB pairs.

Same limit problems encountered when trading BNB pairs | Source: Twitter

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.

This article was edited by Gerelyn Terzo.

Last modified (UTC): September 25, 2019 19:52

Tags: bakktBinance
Kiril Nikolaev @kirilnikk123

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has a bachelor's degree with a specialty in finance and lives in Canada. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. He owns Bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading. Follow the author on Twitter @kirilnikk kirilnikk123@gmail.com