Binance Asks Users to Give Back Erroneously Credited BitTorrent Token Balances

The Binance exchange is the biggest crypto trading platform in the world today. This is primarily because of its variety of markets, but also the professional service users can benefit from. For some users, however, it appears as if the recent BTT distribution has caused some friction.

Sending BTT to the Wrong Users

It is not uncommon for exchanges to distribute airdrops in an incorrect manner. While that is something that can always happen, the platform in question will usually take the loss or simply move the balances themselves. It is evident this latter option will be quite invasive, although the company is always in the right to do so.

In the case of Binance, however, it seems a very odd email has been sent out to some people. More specifically, the company acknowledges their BitTorrent Token distribution has not gone according to plan. Several users have received BTT tokens even though their balances should not have been credited in the slightest.

The exact reason for this incident remains a bit unclear. The email mentions how an “unexpected system error” has occurred which allowed this distribution to go awry. While that is always a possibility of some sorts, one would not expect Binance to fall victim to such a trend. Even so, the company is honest about their system messing it up, although a corrective course of action needs to be taken.

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What is even more remarkable is how the company is telling its users they need to send the funds back to the company. In the message, the team “politely asks for the user’s cooperation” regarding this manner. Any funds erroneously withdrawn from or sold through Binance will need to be topped up once again so the team can solve the matter through a support ticket.

This is a very unusual way of solving issues. After all, the BitTorrent Token distribution could have easily been introduced by not allowing users to trade tokens for several days, nor allowing them to withdraw BTT. At the same time, it remains a bit unclear why it has taken several days for the company to acknowledge this issue is even present in the first place.

The bigger question is what the company will do if affected users do not return the funds in question. Binance could, in theory, suspend their accounts indefinitely, although that would potentially cause even more problems in the future. A small number of users were affected, thus it seems unlikely any real issues will come of this development. A bit of an unusual development for this professional exchange, but it can happen to the best of them.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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