Binance, world’s largest crypto exchance, resumes services after ‘irregular’ SYS trading risk alert
Binance resumed services on July 4th, a day after suspending all trades and withdrawals due to “irregular” trading of the Syscoin (SYS) currency. SYS announced that they were investigating a “possible issue” with the blockchain and later announced that the chain is safe and ready to be reopened for trading. Binance has responded to the incident by rolling back the irregular trades, offering a window of free trading services for negatively affected users, and offering a 70% discount window on trading fees to all other Binance users. The company also announced the creation of a Secure Asset Fund for Users, in which 10% of Binance trading fees will go towards the development of a fund “to offer protection to users and their funds in extreme cases.” This fund will be stored on a cold wallet.