Binance Prepares for Trading Freeze on Scheduled Maintenance
The exchange is showing robust activity despite the recent hack and the closing of deposits and withdrawals.
Binance announced a planned maintenance period of 6-8 hours this Tuesday, continuing the freeze on deposits, withdrawals and trading. After the maintenance, Binance will reopen for deposits and withdrawals, thus ending the limited period of lockdown following the hack that led to the loss of over 7,000 BTC.
Binance explained the order of reopening, as it will be posting updates throughout the event:
“Once the upgrade is complete, we will make a further announcement and provide users with a 30-minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.”
Binance remains a central entity in the digital asset economy, with the launch of its own blockchain, DEX, the spreading influence of the Trust wallet, as well as the series of initial exchange offerings (IEOs).
The Binance hack failed to frighten the markets and was in fact followed by a wild rally which led Bitcoin (BTC) prices to above $8,000. Binance Coin (BNB) also remained near its peak prices. BNB traded at $23.99 as of 10:00 UTC on Tuesday, after reaching a peak at $24.53 late on Monday.
The Binance trading freeze will arrive at a moment when volumes on the exchange are exceeding $2.8 billion’s equivalent in 24 hours. During the lowest time of the market in December and January, Binance saw volumes dwindle to around $600 million’s equivalent.
Binance ensures significant stablecoin liquidity, as it is one of the biggest Tether (USDT) holders. In the past days, Binance moved its USDT holdings to a series of wallets instead of storing them on one address.
Following the hack, Binance is also overhauling its user API and encourages users to update their passwords and 2FA. In the past, hacks and trading exploits for Binance have happened based on hacked individual accounts. Despite the setback, Binance is seen as one of the safest exchanges, with an insurance program against losses (SAFU).