The Binance system upgrade that started early in the morning yesterday has now come to an end. All exchange functionality has been restored and the users are free to do whatever they may want to do, from deposits to withdrawals to trading. The upgrade took longer than expected, as Binance had expected it to conclude by 5 PM IST but it concluded around 6 PM IST. That’s not too late though. The activation of withdrawals took some more time and they could only be activated after 1 AM today.
The company has now advised users to periodically change their passwords, reset their 2FA secrets and update their anti-phishing codes for precaution. It has also advised the users to follow the 14 steps outlined in a blog post published on 14th of May to enhance the security of their Binance accounts.
But everything is not about caution and precaution – Binance has also announced some rewards for its users to thank them for standing with the company throughout this episode. One of those rewards is a 50,000 BNB reward pool, and the other is improvement of one VIP level for next 7 days. The reward pool can be split by all those users of exchange who do the trading of at least 1 BTC by 5:30 PM, 18th of May. Wash trading is not allowed, and Binance has reserved the right to amend activity rules at their discretion. Winners will be distributed their rewards within 2 weeks after the end of contest.
— CZ Binance (@cz_binance) May 15, 2019
The improvement of one VIP level, on the other hand, is for all existing VIP users of Binance. For instance, if you were at VIP Level 3 till now, you’ll be upgraded to VIP Level 4 during the promotion period till 22nd of May. Sub-accounts are not allowed to participate in either of these promotions.
While a large majority of users hailed Binance for handling the entire episode in a transparent and professional manner, and also for rewarding the users after this happy ending, some users also complained that they’re not rich enough to trade over 1 BTC so they can’t take advantage of this giveaway. Many of them also said that the contest is only making rich people richer while ignoring the fact that small traders also stuck with Binance throughout this crisis.
Now, we don’t know if Binance is going to reward such small users in any manner, but it’s certainly praiseworthy that how they handled the entire episode. It will certainly set a new benchmark for the crypto space, and many users on Twitter claimed that their trust in Binance has increased manifolds after this incident. Some even claimed that they’ll transfer all their holdings from other exchanges to Binance. Clearly, other exchanges will now have to deal much more professionally and cautiously with security.