After a significant 24-hour system upgrade, Binance, one of the world’s leading cryptocurrency exchanges, is back in operation. The company officially confirmed its return for 10 am UTC on February 9. To thank its user base for their patience, Binance announced a major two-week promotion, offering a substantial 70% discount on all trading fees as a gesture of gratitude for their unwavering support.
A Welcome Back Offer for Traders
As a sign of appreciation to its community, Binance has launched an attractive incentive for all its users. The exchange is offering a massive 70% discount on its trading fees for a limited time.
This special offer will run until February 24, giving traders two full weeks to take advantage of the reduced costs. During this promotional period, the trading fees will be significantly lowered.
The new fee structure is as follows:
- A flat fee of 0.03% on all trades for every user.
- An even lower fee of 0.015% for users who pay their trading fees using Binance Coin (BNB).
This move is expected to attract a high volume of trading activity back to the platform following the temporary shutdown.
Addressing Upgrade and Security Concerns
The extended downtime, which lasted for a full day, caused some concern among users. Many traders took to social media to speculate that the platform might have been hacked due to the long upgrade interval.
However, the Chief Executive Officer of Binance, Zhao Changpeng, quickly addressed these rumors. Zhao clarified on Twitter that the access issues were due to a DDoS attack on their cloud provider.
He stated that the attack was resolved but some lingering effects caused the delay. This announcement helped to ease the community’s fears and provided transparency regarding the technical difficulties encountered during the upgrade process.
What Traders Could Do Before the Relaunch
Binance ensured a smooth and controlled relaunch of its services. In the official announcement, the company detailed a phased approach to resuming full operations.
For sixty minutes before the full trading services went live, users were given partial access to their accounts. During this one-hour window, traders were able to cancel any open orders, process new deposits, and handle other account-related functions. Crucially, users were also permitted to withdraw their coins, ensuring they had full control over their assets.
Binance’s Position in the Crypto Market
The quick resolution and generous compensation offer highlight Binance’s commitment to its user base. This focus on customer satisfaction is a key reason for its dominant market position.
According to a report by Cointelegraph, Binance was recognized as the world’s largest cryptocurrency trading platform by volume in January 2018. The platform’s ability to handle major technical challenges while maintaining user trust reinforces its status as a leader in the industry.
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