Binance now stepping up security measures following hack

Cryptocurrency exchange Binance is making large changes to enhance their security measures.
Earlier in the week, Binance encountered a massive hack of 7000 BTC being stolen.

Ken Chigbo Independent Analyst

The world’s largest cryptocurrency exchange by traded volume, Binance, has announced that they will be largely revamping their security network. This follows the large theft that took place this week, of the 7,000 BTC hack.

Details from the company’s official website blog post, it covered that they will be implementing “significant” changes to its fundamental security infrastructure. They will be enhancing its two-factor authentication (2FA) process, its Application Programming Interface (API) and withdrawal validation processes.

Furthermore, Binance promised the implementation of some new measures within the week before deposits and withdrawal services to resume on the platform.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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