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Mar 12
2020
A Letter to the STEEM Community

Dear STEEM Community Members,

We sincerely apologize for the recent situation involving STEEM, which stemmed from miscommunication about the specifics of the blockchain’s upgrade/hard fork. 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 efficient manner. If they fail to reach an agreement and it poses potential risks/damages to STEEM users on Binance, we reserve the right to take corresponding actions at the consent of our users.

Binance participates in community voting in the interest of our users. We provide staking services to PoS-based crypto users on Binance. Staking rewards generated from community voting are fully distributed to the respective users periodically. We will continue to distribute staking rewards to PoS-based crypto users on Binance on a regular basis.
 Binance has completed the process of powering down all 31,730,000 STEEM. According to the voting rules on STEEM, the Steem Power is withdrawn over a period of 13 weeks, in 13 amounts that total the amount we selected. Accordingly, STEEM will be released over a period of 13 weeks in 13 equal amounts. Based on the current ratio of VESTS/STEEM at 0.0005103, a total of 24,692 STEEM will be rewarded, which amounts to around US$5,086 as per the market price of STEEM. The rewards will be distributed to all Binance users who held STEEM at the time of voting. 

Records of Power Down:

The 1st withdrawal (test)

Time: 2020-03-08 15:38:33 (UTC)

Account: binance-hot

Amount: 31,739,343.000000 VESTS

The 2nd withdrawal

Time: 2020-03-09 02:29:30 (UTC)

Account: binance-hot

Amount: 62,195,759,395.817084 VESTS

It’s our top priority to protect the funds and interests of our users. At Binance, we keep up the highest degree of transparency and listen closely to the community. 

Thank you for your unwavering understanding and support.

Binance Team

2020/03/10