After its recent hack, Binance is back on track. The globally biggest digital currency exchange platform in terms of trading volume has announced the completion of its system upgrade on 15th May 2019 through its official handle on Twitter. Along with the system upgrade, Binance also notified its user base about its VIP user promotion and a special community giveaway of 50 thousand BNB.
— Binance (@binance) May 15, 2019
The crypto exchange provided further details about the upgrade through its official blog post. The post stated that all the trading activities were slated to resume from 1:00 p.m. of the UTC time zone on 15th May. In addition, it informed users that they would be free to process their deposits, cancel their open orders, as well as carry out rest of the account related operations in a hassle-free manner till the time trading begins. However, withdrawal service will be made available shortly post the trading restarts, stated Binance’s official update.
To educate users further on the safety measures they can incorporate in future, Binance advised to change the passwords frequently, reset the 2FA, and update the anti-phishing code.
What’s more interesting with the system upgrade is Binance’s announcement to provide its community with free VIP grade ups and a giveaway of 50 thousand BNB. The move has been planned to express gratitude to its community of supporters for supporting the exchange through its recent tough period.
The BNB Giveaway
Starting on 15th May 2019 at 1:00 p.m. (UTC time), all the users with a valid trade volume of minimum 1 BTC (buying & selling), utilizing any trading pair on the Binance exchange, will be able to split the 50,000 BNB prize pool. This promotion will mark an end on 18th May at 0:00 a.m. of the UTC time zone.
VIP Level Upgrade
Beginning from 15th May 2019 at 1:00 p.m. (UTC time), all the existing VIP Binance users will be eligible to receive one level up from their present VIP position. For instance, a user who holds a VIP level of 3, will be moved up to level 4 while the promotion is going on. This free level up will run until 22nd May 2019 at 0:00 a.m. of the UTC time. The eligibility for this promotion is subjected to standard qualified trade volume along with the calculation of users’ BNB asset possessions.
Binance will issue rewards within the time span of 2 weeks post the end of the competition.
In the previous week, Binance witnessed a massive hack where it lost 7,000 Bitcoins that were approximately worth 41 million dollars from its hot wallet. Following the attack, the exchange had immediately stopped its services, including deposits & withdrawals.