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Binance to resume withdrawals and deposits on Tuesday

Benson Toti

Binance’s chief executive officer Changpeng Zhao announced yesterday that the crypto exchange planned to fully resume withdrawals and deposits on Tuesday.

Binance, which is one of largest digital currency exchanges in the world, suspended withdrawals and deposits last week, following a major security incident that saw hackers steal 7,070 Bitcoins from hot wallets hosted on the platform. The exchange promised following the incident that it would cover the losses and conduct a thorough review of its security systems and procedures. Yesterday, Zhao indicated that the company had made significant progress in revamping its security system.

“In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected,” Zhao said, adding that the company would “share details on some of the changes later”.

Binance plans to resume withdrawals and deposits tomorrow, but it hasn’t set a specific time yet. Zhao said that the upgrade would require a “trading halt”.

In a previous update, Zhao admitted that the company had considered whether to push or a “reorg” of the Bitcoin blockchain in order to recover the stolen funds. Ultimately, the company rejected the idea after talks with major Bitcoin miners and developers. Zhao later apologised for his re-org comments which weren’t received well by the BTC community.

Unlike previous major hack, the Binance incident didn’t have a lasting impact on the crypto market, which has enjoyed renewed investor confidence in recent weeks. Over the weekend, Bitcoin, recaptured the $7,000 level and even topped the $7,500 mark for the first time since early August.

In today’s trading, the Bitcoin price stood at $7,376.75, as of 14:26 BST. The digital coin has gained 3.4% in the past 24 hours. Its total market capitalisation currently stands at $130.5 billion, which represents 59.2% of the combined value of all digital currencies.

Featured image: Grey82/Shutterstock.com

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