Binance exchange has resumed its trading activities after a two-day suspension of its trading operations. The upgrade, according to the exchange, was to allow for a system upgrade, and to resolve some server issues. During the suspension, the exchange halted all withdrawals from Wednesday this week.
Binance was first established in 2017, and has grown to become one of the biggest trading platforms in the world. Since the exchange resumed trading at 10:00 AM UTC today, customers are free to cancel orders, deposit or withdrawal their currencies and perform other trading functions as normal.
Good News for Investors
As acknowledgement of the support the exchange users had shown to the trading platform, the exchange promised to lower the trading costs by 70% until 24th of February, in a tweet. This will be a show of gratitude for the patience and continued support from its traders. Investors are already taking advantage of this offer, as can be seen from the feedback on the Binance twitter handle – mostly extremely positive.
However, the opening of the exchange comes amid fear and speculation by some exchange users, and a few cryptocurrency advocates, that it could have been hacked. This is because its initial statement was similar to the Coincheck statement. Coincheck is a Japan-based exchange that was recently victim to hacking, losing 500 million NEM tokens in the process. Coincheck has confirmed that it is set to resume its yen withdrawals on Tuesday next week. During the suspension, all the withdrawals for yen and any other digital currency were frozen.
However, with regards to the speculation about Binance, the CEO and founder of the platform Zhao Chanpeng, who was recently featured on Forbes magazine as one of the wealthiest people in the digital currency business, was quick to deny the rumors. He clarified that the suspension was due to a system upgrade. However, nobody can blame the investors for panicking as the continued interest in the cryptocurrency trading has attracted numerous hackers and scammers targeting exchanges and the investors’ money. Some exchanges such as CoinCheck have already been victims of the fraudulent activities.
Despite the completion of the upgrade, the CEO tweeted that users might still experience some delays during trading since the website cloud provider was under DDoS attack. The CEO did reassure the users that the issue was being resolved, although the challenges faced by traders may still be part of the system for some time.
What do you think caused the recent suspension of Binance? Let us know your views on the matter in the comments section below.