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Binance Aims To Restore Withdrawals On Tuesday 14th May

In an update published today, Binance chief Changpeng Zhou said that he hopes the exchange will be able to resume withdrawals early next week.

He noted that the exchange has been updated “with a large number of advanced security features added and/or completely re-architected.”

This was the third update following the security breach that resulted in 7,000 lost bitcoins; in a previous update, CZ said that “We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behavior analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented not directly visible on the front end.”

He also explained that “We will be adding hardware device support, such as YubiKey and other devices, very soon. We will run an event and give away 1,000 YubiKeys as soon as that feature is implemented.”

This story will be updated as further information emerges.

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