Binance Completes System Update, Launches 50,000 BNB Prize For Premium Users

Binance Completes System Update And Launches 50,000 BNB Prize For Premium Users. Withdrawals Still Remain Suspended.

The giant exchange Binance has successfully completed the scheduled update of its platform, this May 15 at 1:00 PM (UTC), according to the company's official blog today.

The exchange has indicated that all trading operations may be canceled if users so wish, as well as processing deposits and other functions related to the accounts, but has made it clear that the withdrawal function is not yet available, before which it has expressed that ‘soon' may be exercised by users.

In the beginning the exchange had said before its system update, that the function of withdrawals and deposits would be activated once the process was completed, however, today it has made it clear that this is not possible, which has already begun to generate suspicion in the crypto community.

As a dissuasive attempt, has launched a reward program for VIP users who achieve a volume of trading greater than or equal to 1 BTC in the next three days in any pair of cryptocurrencies, to participate in a prize of 50,000 BNB, at the moment of the change approximately $ 1,250,000 dollars.

With the announcement of Binance, it's token of the same name has shot up 6.08% to quote at the time of writing at a spot price of USD 25.41.

Binance has indicated that the raffle is in gratitude to the users for the support during the difficult moments that the platform goes through, after having suffered a hack that cost him the loss of 7 thousand BTC and that forced him to suspend functions of withdrawals and deposits to protect the accounts, as well as execute an update of your system.

The promotion takes place from 2019/05/15 1:00 PM – 2019/05/18 0:00 AM (UTC).

Likewise, Binance has placed a VIP level for 7 days from the period between 2019/05/15 1:00 PM – 2019/05/22 0:00 AM (UTC), for all existing VIP users, which will enjoy of a higher level than they currently have at the time of the promotion, according to the standard VIP level rating of the platform.

Rewards will be issued within 2 weeks after the end of the competition and may be viewed in the accounts of the winning users as usual.

Finally, Binance has left precise instructions and recommendations to increase the security and protection of the accounts in the platform through a guide of 14 steps to improve the security of the account, among which highlight the typical changes of password, restoration of the factor 2FA and update of the commonly recommended anti-phishing code.

If you want to know the complete guide, you can click on the following link of the official page of the company.

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