Binance Services Resume Following Security Upgrade

Image from medium.com/binanceexchange.

Crypto exchange Binance has announced the completion of the security upgrades it implemented following a recent hack that cost the company 7,000 BTC.

The upgrade commenced at 03:00 UTC Wednesday. All of Binance’s suspended services then started to be reinstated one by one following the completion of the upgrade.

Along with the announcement of the upgrade’s completion, Binance revealed that users will first be able to cancel open orders and process deposits, with withdrawals becoming available shortly after trading resumes. Deposits and withdrawals were the first services to be taken offline following the hack last week.

In a post published after the hack, Binance CEO Changpeng “CZ” Zhao said that a planned security upgrade would include significant changes to the company’s application programming interface (API), two-factor authentication (2FA), and withdrawal validation systems.

In a later tweet, Zhao also revealed that Binance will be implementing a new requirement that necessitates being logged in while confirming a withdrawal email. This particular feature, however, had caused a small conflict while using the Binance app and so had to be rolled back and fixed.