Binance Restarts Services Pushing BNB Price to 2019 All-Time High
Photo: Binance / Twitter
Binance has announced their coming back to online. Users again can place new orders, deposit crypto assets and make transactions with cryptocurrencies. The only one limitation touches on withdrawals, but the CEO of the company Changpeng Zhao (CZ) assured that it “will be available shortly after trading resumes”.
Just for reminder, one of the largest and most popular cryptocurrency exchanges Binance suspended their online services in order to improve their security. This upgrade period started off at 03:00 UTC on Wednesday and finished today with a two-hour delay as some problems took “longer than expected”.
The reason for this unplanned security strengthening takes roots from the hacker attack Binance suffered last week. According to estimations, the largest exchange lost 7000 BTC tokens from its platforms worth $40 million. However, Binance then assured that the hack impacted only hot wallets, which account for about 2% of the exchange’s entire Bitcoin (BTC) holdings.
It is worth mentioning that users didn’t suffer any losses from this attack as Binance covered everything with their funds.
After making a review of the platform’s security, CZ stated that the significant changes in Binance work will be devoted to application programming interface (API), two-factor authentication (2FA) and withdrawal validation. They are also working on the upgrade of risk management and know-your-customer procedures. However, the company doesn’t give out all the details due to security concerns.
Binance Coin (BNB) Price Spikes
Despite the recent attack, it’s interesting to notice that the native token of Binance – Binance Coin (BNB) just improves its positions on the market. As per the time of writing, its price is up by almost 15% making $27,07 USD per coin.
According to the experts, Binance Coin is going to climb even higher. The cryptocurrency exchange underlined that “a large number of advanced security features will be added and/or completely re-architected”. This is going to influence the positions of BNB and bring more confidence to its owners.
The Crypto Dog, the famous twitter crypto analyst, reacted positively on the BNB growth:
“I think $BNB is going to enter price discovery (new all time highs) in the next 24 hours.”
Meanwhile, some analysts explain, that Binance Coin price is climbing higher partially because it was frozen over the previous week, and now investors are ready to purchase BNB with the gains over other altcoins.
Binance VIP User Promotion and 50,000 BNB Giveaway
Today Binance exchange officially stated they’re coming back to normal work and expressed their gratitude for the Binance community’s support, announcing the new promotion and fairly generous giveaway.
Giveaway will be taking place from 15 to 18 of May. Any user owning 1 Bitcoin (BTC) or more will be able to take part in the event and have a chance to split the pool of 50,000 BNB coins.
All VIP users will have an opportunity to climb one VIP level up during the promotion period (from 15 until 22 of May).