BINANCE PUBLISHES APOLOGY LETTER TO STEEM COMMUNITY AND SAYS IT HAS UNVOTED

The cryptocurrency world witnessed a significant event recently when Binance, one of the leading global cryptocurrency exchanges, issued a formal apology to the Steem community.This apology stemmed from Binance's involvement in what has been widely regarded as a centralization scandal orchestrated by Tron founder Justin Sun. Trade STEEM to USDT and other cryptocurrencies in the world s largest cryptocurrency exchange. Find real-time live price with technical indicators to help you analyze STEEM/USDT changes.The controversy centered around the control and governance of the Steem blockchain, a decentralized social media platform known for rewarding its users with cryptocurrency for their content.This incident raised serious concerns about the principles of decentralization and community governance within the crypto space. Leading cryptocurrency exchange Binance has published a letter to the Steem community, apologizing for playing a part in what has been deemed a hostile takeover of the cryptocurrency s blockchain. In the letter, Binance writes that it has removed the votes that helped Justin Sun take over the Steem blockchain. It reads, We sincerely apologize for theThe letter, posted on March 10th, aimed to address the Steem community's concerns and outline Binance's commitment to neutrality in blockchain governance matters.It also included the significant announcement that Binance had ""unvoted,"" effectively withdrawing its support for the controversial changes. Cryptocurrency exchange Binance has officially apologized to the Steemit community following its involvement in a major centralization scandal involving TronLet's delve deeper into the details of this event, explore the implications, and analyze what it means for the future of decentralized governance in the crypto world.

The Steem-Tron Controversy: A Quick Recap

To understand the significance of Binance's apology, it's crucial to grasp the background of the Steem-Tron saga.Steem was originally designed as a decentralized social media platform where users earned cryptocurrency, known as STEEM, for creating and curating content. Skip to main content Bitcoin Insider. MenuHowever, in early 2020, Justin Sun, the founder of Tron, acquired Steemit Inc., the company behind the Steem blockchain.This acquisition sparked immediate controversy within the Steem community, with many fearing that Sun intended to centralize control of the platform.

The core of the conflict revolved around the ""ninja-mined"" stake, a significant amount of STEEM tokens that were pre-mined at the blockchain's inception and controlled by Steemit Inc.The Steem community had previously voted to freeze these tokens to prevent Steemit Inc. from using them to control the blockchain. Cryptocurrency exchange Binance has officially apologized to the Steemit community following its involvement in a major centralization scandal involving Tron founder Justin Sun. Cryptocurrency exchange Binance has officially apologized to the Steemit community following its involvement in a major centralization scandal involving Tron founder Justin Sun. In its letter posted on March 10Following the acquisition, Sun attempted to reverse this decision, leading to a confrontation with the community.

Binance's Involvement and the Public Outcry

In an effort to regain control of the Steem blockchain, Justin Sun solicited the support of several major cryptocurrency exchanges, including Binance, Huobi, and Poloniex. Cryptocurrency exchange Binance has officially apologized to the Steem community following its involvement in a major centralization scandal involving Tron founder Justin Sun. In its letter posted on March 10, Binance affirmed that it stays neutral and has no interest in on-chain governance beyond the Binance ecosystem.These exchanges, holding significant amounts of STEEM on behalf of their users, used their voting power to support Sun's proposals. Binance officially apologized to the Steem cryptocurrency community for its involvement in the scandal during which Justin Sun basically centralized this DPoS Monday, Novem Economic CalendarThis move was perceived by the Steem community as a hostile takeover and a blatant disregard for the principles of decentralization.

The Steem community responded with widespread outrage, accusing the exchanges of colluding with Sun to centralize control of the blockchain.The hashtag #SteemHostileTakeover trended on social media, and the exchanges faced intense criticism for their actions. 加密貨幣交易所 Binance 在捲入涉及 Tron 的重大中心化醜聞後，正式向 Steemit 社群道歉The situation highlighted the potential for centralized entities, like exchanges, to exert undue influence over decentralized networks.

Binance's Apology: A Step Towards Reconciliation

Faced with mounting pressure from the Steem community and the broader crypto world, Binance decided to reconsider its position.On March 10th, Binance published an official apology letter, acknowledging its role in the controversy and expressing regret for its actions. Binance Publishes Apology Letter to Steem Community and Says It Has UnvotedThe letter stated that Binance had ""unvoted,"" effectively withdrawing its support for Sun's proposals and restoring its neutrality in the Steem governance process.

The apology letter emphasized Binance's commitment to staying neutral and avoiding involvement in on-chain governance beyond the Binance ecosystem. Cryptocurrency exchange Binance has officially apologized to the Steem community following its involvement in a major centralization scandal involving Tron founder Justin Sun. In its letter postedIt stated, ""After receiving the feedback from the STEEM community, we have unvoted.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.""

Key Takeaways from Binance's Apology

Binance's apology to the Steem community carries several important implications for the crypto industry:

• Recognition of Community Power: The incident demonstrated the power of a united community to hold powerful entities accountable. Major cryptocurrency exchange Binance drafted an official apology letter to the Steem community following the hostile Steem blockchain takeover fuss caused by Tron founder Justin Sun. The exchange firm has issued numerous apologies and statements concerning its role in helping Sun depose theThe Steem community's organized resistance and vocal criticism forced Binance to reconsider its actions.
• Emphasis on Decentralization: The controversy highlighted the importance of decentralization in the crypto space.The Steem community's commitment to resisting centralization underscored the core values of blockchain technology.
• Exchange Responsibility: The incident raised questions about the responsibilities of cryptocurrency exchanges in decentralized governance.Exchanges holding large amounts of tokens must carefully consider the implications of their voting power and avoid actions that could undermine decentralization.
• Neutrality in Governance: Binance's commitment to neutrality in on-chain governance sets a precedent for other exchanges. Cryptocurrency exchange Binance has officially apologized to the Steem community following its involvement in a major centralization scandal involving Tron founder Justin Sun.It suggests that exchanges should primarily focus on facilitating trading and avoid actively participating in the governance of blockchain networks.

The Aftermath: What Happened Next?

Following Binance's apology and the withdrawal of support from other exchanges, the Steem community successfully forked the blockchain, creating a new, community-led version called Hive. Investing.com - Cardano fell bellow the $0. level on Tuesday. Cardano was trading at 0. by ( GMT) on the Investing.com Index, down 2.12% on the day. It was the largest oneHive aimed to preserve the original principles of Steem and prevent Justin Sun from controlling the platform. Cryptocurrency exchange Binance has officially apologized to the Steem community following its involvement in a major centralization scandal involving Tron founder Justin Sun BTC $57,373 ETH $3,789This hard fork effectively severed ties with Tron and allowed the Steem community to regain control of its destiny.

The Steem-Tron saga served as a crucial learning experience for the crypto industry, highlighting the importance of community governance, decentralization, and the responsibilities of centralized entities.It demonstrated that a determined community can effectively resist attempts to centralize control and uphold the core values of blockchain technology.

Understanding the Technical Aspects

To fully appreciate the implications of Binance's actions and the subsequent hard fork, it's helpful to understand some of the technical aspects involved.

Delegated Proof of Stake (DPoS)

Steem and Hive both operate on a Delegated Proof of Stake (DPoS) consensus mechanism.In DPoS, token holders vote for ""witnesses"" who are responsible for validating transactions and maintaining the blockchain.The witnesses with the most votes are selected to produce blocks and secure the network. Huobi and Binance Support Community-Led Steem Hard Fork Binance Publishes Apology Letter to Steem Community and Says It Has Unvoted Steemit s managing director says the newThis system allows for faster transaction times and lower energy consumption compared to Proof of Work (PoW) systems like Bitcoin. Binance is the world's leading cryptocurrency exchange, catering to over 270 million registered users in over 180 countries. With low fees and over 400 cryptocurrencies to trade, Binance is the preferred exchange to trade Bitcoin, Altcoins, and other virtual assets.However, it also concentrates power in the hands of the top witnesses, making it vulnerable to manipulation if a single entity controls a significant portion of the voting power.

Hard Forks and Soft Forks

A hard fork is a radical change to a blockchain's protocol that creates a new, separate blockchain.All nodes must upgrade to the new protocol to continue participating in the network. Binance officially apologized to the Steemit community following its involvement in a controversial hard fork initiated by TronThe Hive hard fork was a decisive action that created a new blockchain independent of Tron's control.

In contrast, a soft fork is a backward-compatible change to the blockchain protocol.Nodes that don't upgrade to the new protocol can still participate in the network, although they may not be able to access all the new features. Binance Publishes Apology Letter to Steemit Community and Says It Has UnvotedSoft forks are generally less disruptive than hard forks.

Analyzing the Impact on Binance

Binance's apology and subsequent actions had a significant impact on the exchange's reputation and its relationship with the crypto community.

Damage Control

The apology was primarily an act of damage control. A compilation of articles about Steem and Steemit in 2025. Knight First Amendment Institution Blog Crypto Logic Platforms and the Cautionary TaleBinance recognized the potential for lasting reputational damage if it continued to support Justin Sun's actions.By issuing a public apology and withdrawing its support, Binance aimed to mitigate the negative impact and restore its standing within the community.

Reinforcing Neutrality

Binance's statement about remaining neutral in on-chain governance reflects a broader trend in the crypto industry. Observador 11 Mar o 2025 Cota o Steem/SBD Relat rio de curadoria. riscadox (66) in pt 5 years ago (66) in pt 5 years agoExchanges are increasingly aware of the potential conflicts of interest that arise when they actively participate in the governance of blockchain networks. A Binance tamb m forneceu registros de seu desligamento de todos os 31.730.000 tokens STEEM que havia apostado em apoio suposta aquisi o hostil de Justin Tron ao blockchain. Steemit vs. Tron. A carta de Binance vem ap s um impasse no in cio deste m s entre membros da comunidade Steemit e o CEO da Tron, Justin Sun, queBy adopting a neutral stance, Binance aims to avoid such conflicts and maintain its position as a trusted platform for trading and investing in cryptocurrencies.

Protecting User Interests

Ultimately, Binance's actions were driven by a desire to protect the interests of its users.The Steem community's outrage and the potential for a contentious hard fork created uncertainty and risk for users holding STEEM on Binance. Binance officially apologized to the Steemit community following its involvement in a controversial hard fork initiated by Tron founder Justin SunBy withdrawing its support for Sun's proposals, Binance aimed to minimize these risks and ensure a stable trading environment for its users.

Lessons Learned and Future Implications

The Steem-Tron saga and Binance's subsequent apology offer valuable lessons for the crypto industry and highlight the importance of responsible governance, community engagement, and ethical conduct.Here's a breakdown of the key takeaways:

The Power of Community

The Steem community's resilience and determination serve as a powerful reminder of the importance of community-driven governance in the crypto space. A Letter to the STEEM Community Please note, this is a STATIC archive of website www.binance.com from December 2025, cach3.com does not collect or store any user information, there is no phishing involved.Decentralized networks are only as strong as the communities that support them. After receiving the feedback from the STEEM community, we have unvoted. 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. Hopefully, the STEEM community and TRON will reach a consensus in an efficientActive participation, open communication, and a shared commitment to the principles of decentralization are essential for maintaining the integrity and security of blockchain networks.

The Role of Exchanges

Cryptocurrency exchanges play a crucial role in the crypto ecosystem, providing liquidity, custody services, and access to a wide range of digital assets. Cryptocurrency exchange Binance has officially apologized to the Steemit community following its involvement in a major centralization scandal involving Tron 暗号通貨交換Binanceは、Tronの創設者Justin Sunが関与する主要な中央集権スキャンダルへの関与に伴い、Steemitコミュニティに正式に謝罪しましHowever, their influence also comes with responsibilities. Steemit s Profile, Revenue and Employees. Steemit is a blogging and social networking platform that produces tradable tokens for posting, discovering and commenting on content. Steemit s primary competitors include Voice, Tsū, Capsule Social and 14 more.Exchanges must be mindful of the potential conflicts of interest that arise from their holdings of tokens and their participation in on-chain governance. Hi everyone! It's Chris Love here, @clove71 Check out the news about Binance and their apology letter to the STEEM community!Transparency, accountability, and a commitment to neutrality are essential for maintaining trust and fostering a healthy ecosystem.

The Importance of Decentralization

Decentralization is a core principle of blockchain technology, and it is essential for ensuring fairness, transparency, and security.Attempts to centralize control of decentralized networks should be met with strong resistance from the community. Nella sua lettera pubblicata il 10 marzo, Binance ha affermato di rimanere neutrale e non essere interessata alla governance on-chain oltre l'ecosistema Binance . Binance ha anche dimostrato di aver rimosso tutti i 31.730.000 token STEEM che aveva in staking a sostegno della presunta acquisizione ostile della blockchain da parte di Justin Tron.The Steem-Tron saga demonstrates that a united community can effectively defend its interests and uphold the principles of decentralization.

FAQ: Addressing Common Questions

Here are some frequently asked questions about the Binance apology and the Steem-Tron controversy:

Why did Binance apologize to the Steem community?

Binance apologized for its involvement in a centralization scandal involving Tron founder Justin Sun, where Binance used its users' STEEM tokens to vote in favor of proposals that were perceived as a hostile takeover of the Steem blockchain.

What does it mean that Binance ""unvoted""?

""Unvoted"" means that Binance withdrew its voting power that it had used to support the proposals backed by Justin Sun, effectively removing its support for the centralization efforts.

What was the Steem community's reaction to Binance's apology?

The Steem community generally welcomed Binance's apology as a step in the right direction.It showed that Binance recognized the importance of decentralization and community governance.

What is Hive, and how is it related to Steem?

Hive is a hard fork of the Steem blockchain created by the Steem community after the controversy with Justin Sun.It is a community-led blockchain that aims to preserve the original principles of Steem.

What lessons can be learned from the Steem-Tron controversy?

The controversy highlighted the importance of community governance, decentralization, and the responsibilities of centralized entities in the crypto space.It also showed that a determined community can effectively resist attempts to centralize control.

Conclusion: A Turning Point for Decentralized Governance

The Binance apology letter to the Steem community marks a pivotal moment in the evolution of decentralized governance in the cryptocurrency landscape.It underscores the increasing awareness and importance of community-driven decision-making, the potential pitfalls of centralized influence, and the responsibilities of large exchanges within the decentralized ecosystem.By acknowledging its mistake and committing to neutrality, Binance has set a precedent that will hopefully encourage other centralized entities to prioritize the principles of decentralization and community governance.The saga serves as a cautionary tale, reminding us that true decentralization requires constant vigilance, active participation, and a collective commitment to upholding the values of fairness, transparency, and community empowerment.As the crypto space continues to mature, it is crucial that we learn from these experiences and strive to build a more decentralized, inclusive, and resilient future for blockchain technology.

Key Takeaways: Binance apologized for its involvement in the Steem-Tron controversy; the Steem community successfully forked to create Hive; decentralization and community governance are crucial for the health of blockchain networks; and exchanges have a responsibility to remain neutral in on-chain governance disputes.