Exchange News

The Binance return: $1.2 million for its patient users

The Binance return one week after it was hacked. Before going fully live again, Binance had to finish its security checks.

Binance developers announced that first, deposits and trading would be available then withdrawals afterwards.

At 1.00 PM UTC Binance will resume all the trading as it will have finished its system upgrade.

The exchange noted:

“From now until the commencement of trading, users will be able to cancel open orders, process deposits and use other account related functions. Please note that the withdrawal function will be available shortly after trading resumes.”

The developers shut down operations entirely to conduct the system upgrade.

Changpeng Zhao’s twitter followers were updated throughout the process, similarly confirming the relaunch. The Binance CEO reported that trading had gone back to normal, and the remedial measures are ongoing due to an increase in demand.

After The Binance return, it further announced that its users would receive promotional perks as a gesture of thanks for their tolerance and patience after the attack. The outreach program involves Binance’s in house token which increased by seven percent following the announcement.

The promotion period will run from the relaunch through to May 18. A jackpot of 50000 BNB ($1.26 million is available for any user trading more than 1BTC.

Until May 22 the exchange will offer free promotion to the next level up for free for anyone holding one of Binance’s various VIP status levels.

Binance and Zhao have appeared to succeed in controlling market fears over the hacks of one of its largest exchanges.

In January this year, Cryptopia a smaller platform lost around $16 million. Cryptopia executives confirmed that they have appointed liquidators to conduct investigations likely to last for several months.

Do you think the promotion launched by Binance will help recover the losses?

You may also be interested in:

The Binance hack leads to a $42 million loss in BTC, don’t worry, everything is covered

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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