Binance is back in business

Following a long, tense upgrade period combined with much public furor, Binance is back in business. Trading on the exchange has resumed to the tune of a sigh of relief by all who rely on it.

Since the last Financial Citizen report on Binance a few hours ago, Binance is up and running and has offered all users a 70% discount on trading fees to atone for the imposed blackout period.

Binance CEO Changpeng Zhao maintains that the incident was not a hack, i.e. no data breach or loss occurred. He has tweeted that it was a “Ddos attack” and whilst some tweaks and fixes still remain, the exchange is in good shape to resume services to traders.

Zhao was extremely responsive throughout the outage, tweeting regular updates on the status of the fix.

Zhao intends to spend immediate post-launch hours focusing on customer service and provide a more in-depth explanation of what went wrong.

Whilst new users are still unable to register for a Binance account (new users can sign up to be notified via email when registrations are open again), at least existing users can take advantage of the discount.

As of posting time, Upbit has overtaken OKEx for the exchange with the highest trading volume, but Binance maintains its 2nd place position at $2.1 billion of trading volume.

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