Binance Implementing Significant Security Changes, Deposits and Withdrawals to Resume Next Week

Crypto exchange Binance has revealed revamps to its security network following a security review started in the wake of a cyber attack that cost the company 7,000 BTC.

According to a blog post on the company’s official website, Binance will be implementing a significant overhaul of its underlying security infrastructure.

The changes will include updates to its two-factor authentication (2FA) process, its application programming interface (API), and its withdrawal validation process.

We are improving our risk management, user behavior analysis, and KYC procedures,” added Binance CEO Changpeng “CZ” Zhao.

We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented not directly visible on the front end.

He also mentioned that Binance will be introducing support for security hardware devices such as YubiKey very soon. The company will be giving away 1,000 YubiKeys once the feature is implemented.

Deposits, withdrawals to resume next week

At least some of these new security measures will be implemented within the week so that deposit and withdrawal services, which were suspended immediately once evidence of the hack began to surface, can resume as soon as possible. Others will be implemented at a later date.

Binance is currently targeting early next week for the resumption of its deposit and withdrawal services.