Starting Tuesday, Binance will fully resume its deposits and withdrawals according to Changpeng Zhao, CEO of Binance. Will this have any effect on the market? Not so sure, we will see.

Because of the hack that took place last week, Binance had to take down some of the exchange functions in order to find out how the hack took place and to address some security changes that should increase the security by a lot. Binance is the leader of its niche and it will continue to be that by remaining the most secure exchange.

Getting hacked can happen to every exchange, and most of the time, it happens because of an inside-job.

In this case, Binance covered the losses, and they are planning on fixing the issue once and for all. I personally think that the hack was a good thing because they know now how to improve the exchange.

The announcement was made by CZ, via Twitter:

The specific time is unknown at the moment, but CZ will keep us updated. It is to be noted that all the operations will be halted while the exchange will get updated.

As a reminder, users are advised to change their passwords and the authenticator keys. More details here.

LEAVE A REPLY

Please enter your comment!
Please enter your name here