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Binance Resumes Trading Activity and Withdrawals

Binance Resumes Trading Activity and Withdrawals
Cover image via u.today
Contents

Binance, the leading cryptocurrency exchange that suffered a $40 mln hack is getting back on its feet. Following a week-long hiatus, the trading platform now allows deposits and withdrawals after ramping up its security measures.  

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Back online

The announcement was preceded by a two-hour extension since they needed more time to fully complete the upgrade. Trading officially resumed at 13:00 UTC with withdrawals being available shortly after.

Earlier, Binance CEO Changpeng Zhao (CZ) revealed that they came up with a slew of ‘advanced security features.’ In order to mitigate future risks, Binance made significant changes that pertain to its API and 2FA.

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Funds were not safu

Binance experienced a major security breach that took place on May 8. The event instilled fear in the crypto community since it proved that even such a juggernaut as Binance is not immune to hackers, which have been plaguing this industry almost since its very inception.

As reported by U.Today, the talks about a possible blockchain reorganization added fuel to the controversy.

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Some surprises  

The major hack left a sour taste in everyone’s mouth, so Binance is now adding some sugar by organizing a 50,000 BNB giveaway ($1.3 mln). In order to secure a piece of this cake, you have to trade at least 1 BTC until May 18.

Moreover, all VIP users will be promoted to a higher level for one week, thus reducing their maker/taker fees.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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