The Binance cryptocurrency exchange apologized to the Steem blockchain community for helping the founder of TRON Justin Sun defrost his accounts.
A Letter to the @steemit Community#Binance stays neutral and has no interest in on-chain governance beyond the Binance ecosystem. We hold a supportive position of normal upgrade/hard fork and will continue to do so in the future. https://t.co/iA0pSlnl4m— Binance (@binance) March 10, 2020
The exchange explained its support in the vote as “a misunderstanding of the details of the proposed hard fork.” She withdrew her votes after getting details of the update. In total, Binance provided 31,730,000 STEEMs for voting, which is one-tenth of the current cryptocurrency issue.
“Binance is neutral and not interested in managing at the blockchain level outside its ecosystem. We support regular updates / hard forks and will proceed to do so in the future,” the exchange said in a statement.
Binance also hoped to establish an agreement between Steemit and Tron:
“If they fail to do this, as a result of which there is a risk for Steem users on Binance, we have the right to take appropriate measures with the permission of users.”
In mid-February, the leadership of the social network Steemit announced the migration of the application from the Steem blockchain to the Tron blockchain as part of a strategic partnership. Part of the team’s assets was supposed to be transferred to Sana’s disposal. That caused concern among the validators of the Steem blockchain, and on February 22, they made a majority vote by changing the protocol, blocking the tokens of the Steemit team.
In an attempt to gain access to blocked assets, Justin Sun turned to several major exchanges, including Binance, Huobi, and Poloniex, asking them to help unfreeze his share of the votes on the Steem blockchain. At the same time, he accused the validators of infringing on his assets.
The needed votes were received, and in early March, the Steemit social network team announced the elimination of the consequences of the soft fork. As the developers said, taking control of the network, they thereby prevented “centralized management.”
At the same time, Poloniex blocked more than 2 million Steem tokens, converting them to the Steem Power tokens (SP) used for voting. Users could not access their funds for some time, and both the exchange and Sana were accused of trying to take control of the network.