Binance to perform security upgrade, resumes deposits, withdrawals, tomorrow

Major digital currency exchange Binance will resume cryptocurrency deposits and withdrawals on Wednesday, a day later than its original plan.

The crypto exchange, one of the largest in the world in terms of trading volume, suspended deposits and withdrawals following the theft of some 7,070 Bitcoins from hot wallets hosted on its trading platform. Yesterday, the company’s founder and chief executive officer Changpeng Zhao indicated that the firm had made significant progress in overhauling its security systems and procedures and was aiming to fully resume operations sometime today. However, in a subsequent update, published today, Binance said that it would perform “a scheduled system upgrade starting at 2019/05/15 03:00 AM (UTC)”. The update is estimated to take around six to eight hours and Binance will suspend deposits, withdrawals, and trading during that period.

“Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade,” the company wrote in a blog post on its website.

Binance will make a further announcement once the update is complete and will provide a 30-minute window for users to “cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes”.

The Binance hack is the latest incident involving stolen digital coins from a crypto exchange. Such incidents had significant impact on crypto prices last year, when the market was dominated by bearish sentiment. This particular incident, however, had little impact on the current market, which seems to indicate that investors are looking at crypto with renewed confidence.

Overall, the cryptocurrency market has gained around $50 billion over the past week. The original cryptocurrency, Bitcoin (BTC), has been leading the digital currency charge, gaining more than 37% in that period.

Featured image: ymcgraphic /Shutterstock.com

Add Comment