World’s most reputed cryptocurrency exchange Binance is planning to strengthen its security measures after losing around 7,000 Bitcoins in a hack this week. It’s expected that the exchange will bring about some significant changes in its app programming interface (API), withdrawal validation, and two factor authentications (2FA) to keep potential hacking attempts at bay.
The exchange didn’t share more information about these efforts, but it said they are improving its know-your-customer and risk management procedures to combat phishing, among other security measures at the backend. According to the sources close to the news, Binance will take some strict actions to improve its security within this week to resume services. They’re looking to resume deposits and withdrawals early next week.
The exchange is planning to introduce a support for hardware-based 2FactorAutentication devices like YubiKey very soon, the Binance CEO said, adding that one thousand YubiKeys will be given away once the support feature is live. Binance on Tuesday announced it had lost around 7,000 Bitcoin, saying hackers had got full control over API keys and 2FA codes, allowing them to hack bitcoin from one of their hot wallets.
Immediately after knowing about the breach, all the deposits and withdrawals were suspended, while trading wasn’t affected. The exchange said it would compensate the loss for all impacted users using its own fund.
Binance is a global crypto exchange that offers a platform for trading multiple crypto coins. It’s also recognized as the world’s one of the biggest crypto exchanges with highest trading volume. If you’re looking to trade crypto-to-crypto, the Hong Kong-based crypto exchange can be the best option you can go with. It can be used or accessed anywhere in the world and has received positive reviews from crypto users all over the world. Users can select between the ‘’Advanced’’ and ‘’Basic’’ interfaces, depending on their requirements. The basic interface provides you with a quick view of the market and trading pairs, while the advanced interface allows access to state-of-the-art charting tool.