Binance Gives Away BNB Tokens Worth $1.4 Million

The largest crypto exchange Binance gives away BNB tokens. It is as an apology for weeks of hiatus that extended to both deposits and withdrawals due to the recent hack incident.

The article was updated on 27 November, 2019 by Amicus.

16 May, 2019 | AtoZ Markets The recent security breach, discovered on May 7, cost Binance almost $41 million loss. And Binance suspended its service for all its clients.

Binance Gratitude Its Clients for Support

Three days ago, the company’s CEO, Changpeng Zhao, announced that the company’s team is “making progress.” And it has made some significant system improvements, including “advanced security features added and/or completely re-architected.”

In his letter to the Binance’ community, Zhao noted that deposits and withdrawals from Binance would become available on Tuesday. Yesterday, in its blog update, the largest crypto exchange finally announced that it had completed its system upgrade. And it will resume all trading activity at 1:00 PM (UTC). The same message the crypto exchange posted in its Twitter, saying, “Trading is now LIVE!”

Later, the crypto exchange Binance announced giving away BNB tokens. It was for a show of good faith to the investor community for sticking with Binance through the maintenance period. The message appeared on the company’s blog update.

How to Get Free Binance BNB Tokens?

The exchange’s CEO, Changpeng Zhao, revealed in his Twitter that Binance would be giving away $1.2 million in Binance Coin (BNB).

The Binance’s announcement says that all users will split a pool of 50,000 BNB. But all users must with a valid trading volume of 1 BTC or more across any trading pairs on Binance during the promotion period. The promotion period is 2019/05/15 1:00 PM – 2019/05/18 0:00 AM (UTC)

Besides, according to Binance’s announcement, the crypto exchange will provide VIP level-ups. All existing VIP users will enjoy a one VIP level upon their current VIP level. That will be obtained by the standard qualified trading volume and BNB asset holding calculation. The promotion period is 2019/05/15 1:00 PM – 2019/05/22 0:00 AM (UTC)

From now until the commencement of trading, users will cancel open orders, process deposits, and use other account-related functions. The Binance’ update notes that the withdrawal function will be available shortly after trading resumes. To increase the security and protection of their account, Binance recommended its users to periodically changing passwords, resetting 2FA, and updating anti-phishing code.

Binance (BNB) Technical Outlook

Binance Coin (BNB) has been a strong performer during the recent crypto bull market rally. In the last one week, the coin has risen nearly 27% to the highest price of $28.59. It is before correcting, with trading volume spiking by more than $90 Million.

The $23.40 mark is likely to be the first significant support for the BNBUSD pair during the initial breakout. From there, the $22.60 support could provide bullish traders with an early pushback opportunity provided panic selling. If that fails, then the $21 mark looks like the next best possible support for the Binance coin.

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