Binance is online again, with 70% discount on trading fees “to show their gratitude”


After 30+ hours of unavailability, Binance is fully functional again with a 70% discount on trading fees for the next two weeks.

The trading platform, which held the title of the largest cryptocurrency exchange in the world as of January 2018, allowing trading for more than 190 different cryptocurrencies, with user numbers increasing by 240,000 per hour, went suddenly offline yesterday, freezing all of its transaction services after announcing allegedly technical problems resulting in slowdowns on their data synch, avowing an extended 24h time-frame to resume trading activities, which were already inoperable 11 hours prior to the announcement.

Concerns of a hack which could compromise their users’ safety, coming from prominent names like John McAfee, were blatantly refuted by their CEO, Changpeng Zhao, who updated Binance’s twitter every two hours with progress reports and warranting they were safe from any risk.

Zhao, which was featured this week in a Forbes List of cryptocurrencies richest, responded to McAfee saying he was, indeed, spreading fud, and that he would prove him wrong.

Today, February 9, Binance announced on its site that it had finished its system upgrades and that trading activities were to return to normal at 10:00 AM (UTC).  They also included measures for making up for their offline time, acquainting that, for the next two weeks “to show our gratitude for your unwavering support throughout the upgrade process, Binance will provide all users with a 70% discount on trading fees”

Binance’s CEO, earlier today, prior to the website’s relaunch, revealed that there was indeed a DDoS attack on their cloud provider which was resolved but had some lingering effects. Excessive downtimes were attributed to a huge database of 6 million recently registered users, which required a long syncing time.

This isn’t the first time something like this happen to a major exchange, but Zhao’s attitude to disclose every detail about what was happening to their platform with an impressive frequency and his interaction with Binance’s interested parties via twitter was very different from Kraken’s silence when they similarly went offline last month.