Huobi exchange shared his stance on the action of Binance crypto exchange against the particular numbers of Binance users against the mistake of Binance exchange.
Recently we covered a report on the Dogecoin network upgrade and issues that occurred with the Binance and that ended up successful of old Dogecoin’ transaction of old Dogecoin-Binance users, after a long period of network issues. At that time, Binance paid Dogecoin from their own pocket. But now Binance wants their users to return the funds, to control the transactions, Binance froze the account of those more than 1.5k users.
Huobi Crypto exchange team researched this issue on Binance and its users, which was faced because of network upgrades. Huobi’s research reminded the rights of Binance crypto users and claimed that Binance exchange itself violated these rules.
“What’s interesting is that Binance announced 10 basic rights of cryptocurrency users short term ago, which mentioned to ensure the safety of users’ funds and secure custody. In this case, freezing user accounts arbitrarily damaged the trust of users to a certain extent.”
Further, Huobi’s research claimed that such incidents will push crypto uses toward the decentralized crypto exchanges. And continues
“Therefore, the focus of the future should be further standardized and improve the supervision of cryptocurrency exchanges.”
On these things, Elon Musk- Tesla & SpaceX CEO- responded and said that “Doge holders using Binance should be protected against the errors that are not their fault”. The past Dogecoin developer shared his stance and appreciated the presence of Elon Musk’s support with the community. But still, it was not enough to give a perfect reply against the Huobi research comment on this incident.