Leading cryptocurrency exchange Binance reported today that it had resumed full trading activities, after a postponement for the scheduled completion of security upgrade on its platform, triggered by the hack earlier this month.
Binance confirmed in an official blog post that regular deposits and withdrawal would kick off at 13:00 UTC today, just after a two-hour extension to the previously scheduled time for resumption.
This is happening one week after the exchange recently experienced its first major security breach, leading to the loss of 7,000 BTC (approximately $40 million at that time). The incident led to the suspension of trading activities for a week for them to upgrade their system to avert the possibility of a future hack.
Binance users can now process their deposits as well as cancel open orders. They will also be able to make withdrawal shorting after trading resumes, according to the update from the exchange.
Users are advised to “periodically” change their password, reset their 2FA, and update their anti-phishing code to reduce the chance of a reccurrence.
For security reasons, the exchange could not reveal many details on the upgrade. However, Binance noted that it is improving its system to combat phishing, and improving management.
Binance 50,000 BNB Giveaway and VIP level up
To appreciate the unwavering support of the Binance community during the difficult period, the exchange said it is offering a 50,000 BNB giveaway and a seven days VIP level up to users.
However, to have a share of the giveaway, users must have a valid trading volume of 1 BTC or more (buy and sell) on any trading pair on the platform between 2019/05/15 1:00 PM and 2019/05/18 0:00 AM (UTC).
Furthermore, all existing VIP members on the platform will get one free VIP level up for the next seven days starting from today. This means that a level 2 VIP user will enjoy a level 3 VIP badge during the promotion period.