Binance exchange is a rapidly growing cryptocurrency platform with great bandwidth and infinite scaling margin. This service supports over 100 cryptocurrency pairs. Using this technical platform, more than 6 million registered users make around 1.5 million transactions every second per day.
How Safe Is Binance Exchange?
In March 2018, the third-party application requested users’ secret keys for a transaction and later Bitcoin prices were raised.
As a result, Binance platform is entirely changed with new transaction options. The platform even paid off to the users, so there was no money loss for the users.
This service currently runs on a centralized management system with total control over coins and transactions. However, the new version is planned to be on a decentralized site.
Since Binance is not a wallet, or cold storage and does not support any smart contracts, it’s ensured that Binance is a safe exchange platform for users.
What are Binance Security Measures?
Following are the main security measures that Binance exchange platform offers:
1. Use Latest Technology to Secure the Platform
At Binance, the professionals only rely on the latest technologies for maintaining better integrity of every transaction and each account. These new technologies rely on artificial intelligence (AI) for facial recognition and identity. Even data analytics solutions are used for monitoring every movement on the platform. Therefore, it’s easy to find any suspicious activity and call out for cyber forensic investigations. In the investigation, the experts work to trace the roots of any hack attempts on the platform. If there were any hack attempts, appropriate measures are taken instantly to fail the intruders.
2. Binance’s Customer Service is Unbeatable
According to Binance’s support team, they have helped thousands of users in retrieving their lost money. In many cases, their customer support service even takes extra steps to ensure complete customer satisfaction. So far, they have retrieved over 3,229,045.91 crypto tokens of distinct denominations for the registered users.
3. Risk Control System Constantly Analyses Unusual Activity
With advanced technology and personnel intellect, Binance has a strong risk control management system. This high-tech system is efficient enough to analyze every unusual movement on the site. Their system is constantly looking out for suspicious activities and irregular trades, so it’s almost impossible to hack it.
4. The Secure Asset Fund for Users (SAFU) Promises Safety Commitment
At Binance, the customer support team ensure that every user using their exchange are protected from hackers, even in the most unlikely situations. In July 2018, they created the Secure Asset Fund for Users (SAFU) for allocating 10% of transaction fees for offering insurance to any potential breach.
5. Binance Works With Highly-Qualified & Skilled Risk Management & Data Professionals
Binance ensures user safety on their investments as it claims to offer the best platform-wide security. They work with some of the best professionals in their AI, cyber forensics, big data, and other fields. All these security professionals work each day to refine their big data systems and AI with deep knowledge of dealing with risks that need to be resolved in the trading ecosystem.
How Safe is Binance Wallet?
The additional security is ensured with two-factor authentication, which is a combination of a password and code sent to the user by SMS or via the Google Authenticator app.
It is recommended not to keep the coins on the exchange platform. This is because the site may be hacked or someone may get access to your account password. You must store each currency only in the cold wallets and transfer the amount to Binance when you want to make the actual deal.
The verification process includes:
- ID Card Image
- Real Name
- Selfie with ID Number and Photo
After reaffirmation of this information, the user can withdraw 100 BTC every day. Every trader must undergo this check before the transaction for extra safety.
What Happened When Binance Was Hacked?
It was shocking news when on August 7, 2019, the world’s biggest cryptocurrency exchange was victimized to a hacking scenario. This scandal saw miscreant allegedly taking possession of a large chunk of the company’s Know Your Customer (KYC) data.
Reportedly, the hacker was demanding approximately 300 Bitcoins (around $3.5 million) from Binance platform or else the data would have been released everywhere.
Hackers also targeted certain Telegram groups, featuring a large number of sensitive data. However, all the data lacked Binance’s digital watermark. So, there were some doubts about the authenticity of the material.
On this sensitive subject, Binance’s security team mentioned that no evidence proved that the data has been obtained from the Binance exchange platform – as there was no watermark of the company.
They also claimed that the images released by the hacker could be from the older times when the premier trading platform was using third-party service to process their KYC verifications.
The exchange also asked the hacked to provide them detailed information about the source from which they collected the KYC data. But the individual only demanded the 300 BTC and didn’t provide any further evidence to prove the authenticity of the content.
Binance’s remedial measures to control the bleeding
Binance’s security team took firm measures to control damages and offered a reward of over 25 Bitcoins to anyone who could supply them the information to track down the hackers in this incident. Later, the issue was resolved as the hacked data was not genuine.
But the leading crypto exchange also lost around 7,000 Bitcoin (approx. $40 million) at the time of hack rumors. However, nothing has affected the image of the company so far. Binance’s performance has only improved over the years, according to hackers and users.
How Safe is Binance – Can I Store Coins There?
We would not suggest you to keep all your coins on the one exchange but yes, you can store coins on Binance. The traders can store their Bitcoins or Altcoins on their online wallet. The current balance is visible by clicking on “Balances” and “Tools.”
Steps to withdraw money from coins:
- You may use the “Withdraw” option to protect the coins
- Enter the wallet address
- To withdraw the coins, the exchange will charge a small fee
Ripple on Binance
If you want to take Ripple, you have to use the Limit or Market orders. The Ripple amount is shown on the first window along with the inscription “Price”. The online trader must indicate an “Amount” for buying the sum in the second field.
Later, choose the different percent of the saved coins for exchange, for example, 20%, 60%, or all the available funds. The new coins received in the platform for each operation are also displayed in the “Amount” window.
Now, Click on the Buy XRP button.
Binance for iOS
Here’s how to install Binance app on an iOS device:
- Download the Binance app for iOS. Let it install.
- Open Settings > General > Device Management. Now, fill up the trust field.
- The application is all set to run.
If you still doubt, whether Binance is a safe exchange, let’s say it aloud – it a secure platform. With 4.5 ratings out of 5, this exchange platform ensures all trading process is safe and secure. The site makes use of a pin code, as well as a new generated secret key to reach to open a registered account. Plus, there are not serious hacks committed in Binance history. This assures that the leading exchange is safer to use.
The post How Safe is Binance According to the Top Hackers [Must Read Review] appeared first on Web's Most Useful Blockchain Articles.
Digital Payment Solution Utrust to Hold Exclusive Listing Sale on ProBit Exchange
Following the success of the ProBit Exclusive Lite debut for Travala and its token AVA spiking over 260% from the discounted Exclusive price, ProBit Exchange has rolled out details on the follow up to their exclusive listing platform for Utrust (UTK).
Starting on September 28, 2020, at 11:00 KST, participants holding ProBit Exchange’s native token PROB will be able to subscribe to UTK with 50% discounts offered during the exclusive 24-hour sale.
A minimum of 500 PROB is also required to join and all participants can increase their purchasing power to a maximum of 6,000 USDT in UTK by increasing their PROB stakes.
Utrust is a firmly established presence in the digital payment sector, having already secured significant partnerships with brands such as Travala, allowing for travelers to pay for reservations and other travel resources across its vast travel service ecosystem.
With UTK already trading on the exchange’s fluid KRW markets, additional trading pairs of UTK/USDT and UTK/BTC will also be added September 25 at 17:00 KST to avail access to additional liquidity for traders.
Both ProBit Exclusive and ProBit Exclusive Lite showcase many premier tokens such as those already listed on ProBit Exchange as well as those looking to launch on their secondary markets. The Exclusive features provide ample opportunities for newer token investors to get their hands on some of the top tokens around at generous discounts as ProBit Exchange continues onboarding prospective teams for these coveted spots.
The Utrust platform allows merchants to accept digital currencies as a means of payment. It aims to bring digital currencies to mainstream consumers while providing the buyer protection and credibility of traditional payment platforms. With plugins and an API for merchants and UX for buyers. Utrust stands at the intersection of e-commerce, mobile payments, and cryptocurrency.
ABOUT PROBIT EXCHANGE
ProBit Exchange is a global Top 20 crypto exchange in real daily trading volume that has successfully completed over 200 rounds of IEO. ProBit Exchange also features over 800 trading pairs – one of the highest in the market.
ProBit Exchange Key Figures
100,000+ community members
800,000+ monthly active users
2,500,000 monthly web visitors
40,000,000 users on partnering aggregators and wallets such as CoinMarketCap
Global outreach in 8 key languages & markets provided
Multilingual website supporting 40 different languages
Join our active programs and get a multitude of benefits!
4. Referral Program: Earn 10-30% of trading fees for referring friends to ProBit
ProBit Global: www.probit.com
ProBit Korea: www.probit.kr
ProBit Telegram: https://t.me/ProbitEnglish
Bitcoin Is REALLY Worth $15,000 Based On This Key Adoption Metric
The bitcoin price has ballooned 40% on a year-to-date basis. The OG cryptocurrency has performed particularly well amid the pandemic partly because it acts as a reliable store of value like gold.
However, BTC is desperately clinging to the $10K level at the moment. But according to one bullish analyst, the cryptocurrency is undervalued by an insane margin.
Mike McGlone, Bloomberg’s senior commodity strategist, believes bitcoin’s fair value is $15,000 which the asset fails to reflect. Based on a key adoption metric, BTC is presently trading at roughly 50% below its fair market value.
Bitcoin Price Is Massively Undervalued
At the current price of $10,642.12, bitcoin still has a long way to go to reach its fair value.
In a recent report by Bloomberg, analyst Mike McGlone indicated that bitcoin has more runaway for gains. McGlone based his analysis on the historic highs in bitcoin’s hashing power, and most importantly, bitcoin addresses. Based on the 30-day average of BTC’s addresses, in particular, bitcoin should be worth around $15,000.
“The Bitcoin hash rate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.”
A Strong Argument For A Sustained Bitcoin Bull Run
The important thing to remember is that, even with the latest pullback, bitcoin’s fundamentals remain stronger than ever. In fact, according to on-chain analyst Willy Woo, the market correction caught most BTC investors with their pants down as there wasn’t the usual on-chain activity that precedes a sell-off. He cites the correlation to stocks as the reason why BTC suddenly took a tumble.
While a deeper pullback in the stock markets could pull the price of bitcoin down in the near-term, the crypto-asset is bound to soon decouple from the legacy markets owing to its bullish fundamentals as an inflation hedge, Woo posited.
Moreover, McGlone, who has remained a bitcoin diehard despite the flagship crypto’s wild rollercoaster ride, suggests that the price of bitcoin will continue increasing in the foreseeable future.
“Our graphic depicts primary on-chain metrics that would need to reverse for Bitcoin to not keep appreciating in price — the hash rate and active addresses.”
Looking ahead to the rest of the year, the robust fundamentals could be the variable that helps kickstart the next bull market — despite bitcoin currently being deep in the bear territory.
Gemini Crypto Exchange Gains FCA Approval To Expand Into The U.K.
Crypto exchange Gemini, founded by Tyler and Cameroon Winklevoss, is expanding its footprint into the United Kingdom after receiving approval from the Financial Conduct Authority (FCA).
According to an official blog post on Sept.24, the New York-based firm was granted an Electronic Money Institution (EMI) license by the financial watchdog. This means that Gemini can now conduct crypto operations in the UK as a regulated entity.
Gemini Opens Its Doors To UK Crypto Investors
Gemini’s approval by the FCA indicates its intention to provide crypto services to the masses. The exchange will allow both retail and institutional investors to trade and invest in cryptocurrencies. Gemini has added support for pounds sterling (GBP) as a funding currency to give UK customers “a more local experience”.
In addition, UK users will be able to seamlessly fund their accounts via SWIFT wire transfers, Faster Payments, and CHAPS. This will ensure that they do not incur additional foreign exchange charges.
Besides the EMI license, Gemini has also been approved as part of FCA’s Fifth Money Laundering Directive (5MLD) crypto-asset registration process. This approval means that the exchange will have to be compliant with all anti-money laundering and counter-terrorism laws and policies that the FCA has put in place to protect consumers.
Gemini’s Move Into UK Is A Stepping Stone To Global Expansion
Gemini’s move into the UK is part of its global expansion strategy. The exchange’s CEO Tyler Winklevoss said in a statement:
“Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international expansion, advancing our mission to empower individuals and organizations around the world through crypto.“
Tyler further noted that providing crypto services in the UK is a huge feat for Gemini.
“The UK is a global center of financial innovation with a stringent and progressive regulatory regime. We’re proud to help usher the crypto revolution into this historic market and become a part of its rich tradition. We look forward to welcoming consumers and institutional customers to our platform.”
Gemini is currently ranked as the 67th-biggest crypto spot exchange in the world by CoinMarketCap. Back home in the United States, Gemini is competing with leading exchange Coinbase. Right now, the exchange will also have to face off other FCA-approved exchanges in the new British market.
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