Binance restarts trading activity following $41 million hack
Malta-based cryptocurrency exchange Binance has made the bold decision to restrict US residents from trading on the platform. The restrictions will come into effect this September. US residents will be unable to trade or make deposits to the exchange after September 12. Binance has updated its terms and conditions to include the following: “Binance is unable to provide services to any US person.” The move comes ahead of the upcoming Binance.US launch, which is being powered by a partnership with BAM Trading Services, as outlined in an announcement yesterday. Over the past year, Binance has launched native exchanges in Uganda, Singapore, and Jersey, with the US being the logical next step from a compliance standpoint. https://t.co/AZwoBOy3iq will provide secure and
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Cryptocurrency exchange Binance has gone back online for the first time following last week’s hack which saw $41 million worth of Bitcoin stolen by hackers.
The restart of trading activity comes after a “system upgrade” which took around eight hours to complete.
Users were given a 30-minute window to cancel any open orders before trading finally resumed, although Binance CEO Changpeng ‘CZ’ Zhao admitted there was a slight delay.
Fixing, one extra lock still in place. Sorry. https://t.co/3TdYNksFjp
— CZ Binance (@cz_binance) May 15, 2019
Coin Rivet reported on the Binance hack last week, with more than 7,000 Bitcoin being siphoned out of the exchange’s hot wallets.
The $41 million worth of cryptocurrency remains stagnant in seven addresses. Binance has claimed that it is collaborating with “industry-leading security experts” to reveal the identity of the hackers.
🚨 Trading is now LIVE! 🚨
Thank you, for all of your patience and incredible support. 💛 pic.twitter.com/DPZhBLLyL4
— Binance (@binance) May 15, 2019
The hack was the sixth largest exchange hack in the history of cryptocurrency, with last year’s $500 million hack of Japanese CoinCheck being the biggest.
The Binance CEO has been commended for his transparent approach during the past week. ‘CZ’ has been regularly updating customers on Twitter while discussing potential solutions, including the controversial option of a ‘re-org’ on the Bitcoin blockchain.
In spite of the hack, the markets failed to react negatively to the news as Bitcoin rallied through levels of resistance to hit $8,400 before finding support at around $8,000.
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The post Binance restarts trading activity following $41 million hack appeared first on Coin Rivet.
