Binance is a Chinese company and they certainly reason based on their cultural background, where censorship may manipulate "high-power" responsibility.
Binance has high liquidity, low fees and under 2 BTC/day they don't ask for KYC.
Whether we like it or not, this is all most traders may care about.
If the problems would be so big and annoying, people would leave.
About contacting the authorities.. Binance is in Malta nowadays, which afaik has quite a lax legislation. So .. good luck with that. If you have a proper concern, CZ is still your best chance.
Mate, I remind you that Malta is a member of European Union and despite their efforts to act as an off-shore paradise (such as Luxembourg and Cyprus...) they are subject to the same regulations, directives and control authorities of Germany, France, Italy etc...
I don’t want to discuss the whole Binance project and their effective marketing (that attracted me too); rather my goal is to focus on the the inefficiency of their tech infrastructure!
AWS can be considered the industry-standard solution for cloud storage, streaming services and music libraries, but being a shared infrastructure, definitely they cannot guarantee the computational resources required by mission-critical tasks, such as support sudden high market activities;
and everybody should easily figure out how delayed charts and/or missing order confirmations could lead to real disasters for investors!
In my deep intra-day trading activity, I've discovered that the platform often "freezes" for a few seconds (up to 1 minute) during volumes accelerations, that for high-leveraged trading it's simply destructive.
Even remembering te recent hack they suffered, I simply believe that with their huge number of users base (and incomes...) they must quickly build a geo-distributed redounded network of proprietary data centres, with 100% reserved resources and full autonomous technical/OpSec management, I mean, such as Facebook (and many others) already does since years.
Meanwhile, they should recognise their current weakness compensate damages suffered by their platform outages. Easy enough to agree, isn't it?
Last week I’ve suffered a margin liquidation on futures wallet due to an outage as above, kicking me rudely off from the market right while a long-awaited 1000 points volatility wave was beginning and ready to ride…
My immediate complaint brought to a delayed disrespectful evasive answer based to the most typical Chinese strategy to sort-out economic issues, well known as the "Sorry Sir” model...
Finally today, after having seen my first public actions, they offered as compensation a "free a VIP+1 plan for one month"... quite offensive, but al least they formally recognised their fault!
Up to you to evaluate without prejudice if my anger is well motivated or just an effect of my frustration.
BTW, initially I’ve formally asked for a 5000 USDT compensation, risen to 2 BTC after their today’s offer... but of course I’m aware I’ll never see a cent!
As I didn't get any reply writing directly to CZ, I'll follow your suggestion to tweet to official Binance forum!
I'll keep you updated
