Crypto exchange giant, Binance has been through a rough start this month. The Malta-based exchange was hacked last week and lost more than $41 million in bitcoin. Due to the hack, Binance had to make some changes to its API, 2 Factor Authentication, and withdrawal validation areas. To do this, deposits and withdrawals were closed for a week to upgrade the security system. However, Binance announced that its tradings are now open.
Binance CEO Changpeng Zhao has revealed that while users can deposit, withdrawals won’t be enabled for now until after some “final tests” are put in place. He announced on May 15 that trading was now Live on the exchange. Binance was hacked last week and all the API keys connected to third party trading applications were frozen. According to the exchange the hackers had been able to collect users API keys, 2FA codes, and other information to crack into the security systems. To get their AP up and running again, users will have to create new keys and probably reset their 2FA codes.
Surprisingly, in response to the exchanges reopening, the price of Binance Coin has surged and is up 13.68% against the USD at 26.40 and 10.47% against BTC as at time of writing. While some persons anticipate a bear market soon for bitcoin, some other wonder if Binance reopening will have an impact on the market. According to a data released in March by Bitwise Asset Management, at least 40% of Global Bitcoin trading is carried out by Binance. Hence it is possible to believe that the exchange might have an impact. While assumptions should not be made, BNB’s surge after reopening is a pointer to Binance’s prowess.
Do you think Binance trade reopening will have an effect on Bitcoin? Share your thoughts with us in the comment section.