Binance delays issuing Lazio coin
By Robert Davis
21:44, 22 October 2021
Cryptocurrency exchange Binance delayed the distribution of Lazio tokens on its platform on Friday, saying the delay was caused by record participation.
“The Lazio Launchpad broke the Launchpad record with the participation of 225,583 participants, which marked a 20-times return for all participants (data as of the announcement time),” Binance said in a statement. “However, due to the large number of participants, it took the Binance team more time than anticipated to distribute the Lazio tokens.”
Yesterday, Lazio reached an all-time high of $26.75 per unit. By press time on Friday, the asset had dropped more than 33% in value to $17.05 per unit.
Optimise the process
Binance told its customers that its team will “further optimise the process, including postponing the listing time and adding manual inspections” to avoid the same mistake happening in the future.
It also said all coins that were purchased have been issued and “the remaining (Binance coins) committed by participants have been returned to participants’ spot wallets.”
This is not the first time a crypto exchange has delayed the issuance of coins to its users. Back in 2018, the developers of the Nebulas project delayed issuing their coins for up to seven years while they continue to build the platform.
In 2019, Heredia Hashgraph asked its investors to wait to receive their tokens as the platform worked to stabilise the price of its namesake asset.
This event also isn’t the first time Binance has had technical issues with its platform. On Thursday, Bitcoin had a flash crash on Binance's platform that sent the asset tumbling 87% from $65,000 to $8,200 before rebounding within a matter of seconds. The event also had a ripple effect on several other platforms.
Binance blamed the crash on a bug in an institutional customer’s system which has since been resolved.
Read more: Binance.US blames Bitcoin flash crash on investor bug
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