Binance to Implement Sub-Account Support

Users of so-called institutional accounts can create up to 200 subaccounts in one
06 December 2018   647

Binance Bitcoin Exchange has added a subaccount feature that allows VIP users to have multiple trading accounts in one.

At Binance, we strive to fulfill the needs of our users and to constantly improve the user experience. The ability to have sub accounts was one of our most-requested features — we have been working on this functionality and are happy to now offer this to our institutional accounts.

Binance Team

It is reported that users of so-called institutional accounts can create up to 200 subaccounts in one.

Thus, the new service allows to manage orders and assets of all accounts, reset the two-factor authentication settings and freeze other accounts.

Binance representatives also added that no fees will be charged for transferring assets between subaccounts.

Only corporate and VIP users can receive access to the service, whose monthly trading volume is or more than 4,500 BTC

Changpeng Zhao to Share His Thoughts on Recent Hack

Hackers had stolen 7000 BTC in early May, which is more than $55 000 000 at current rate (20.05.2019)
20 May 2019   123

The head of the leading cryptocurrency exchange Binance Changpeng Zhao summed up the recent attack on the platform, as a result of which hackers managed to steal 7,000 BTC.

As Zhao writes, right after the hacking, the Binance team was not sure what exactly happened. The exchange's security system was the first to respond, after which the withdrawal of funds from the site was immediately stopped.

While things are crystal clear in hindsight, at that moment, we weren’t 100% sure what exactly happened. Was it an actual user action?  A glitch in the system? Or maybe a hack? As we were still evaluating the situation at the time, we decided to proceed with caution. I put out a tweet saying the withdrawal servers are in unscheduled maintenance mode, while the team continued to investigate what happened.

Changpeng Zhao

CEO, Binance

He also noted the importance of communication with the community in such situations.

I did not know how the community would react to a one-week withdrawal suspension, but luckily, being transparent paid off and we received tremendous support from our amazing community.

Changpeng Zhao

CEO, Binance

Zhao also reported on the issue of losing money. According to him, immediately after the hacking, he quickly calculated that Binance could easily cover the damage caused by the hackers. In addition, Zhao noted that the amount of stolen funds is comparable to the amount destroyed during one of the quarterly burning tokens a year ago.

So, in September 2017, when the Chinese government issued a letter prohibiting ICO, and “recommended” returning money to investors, the news of this alone caused many tokens to fall below their ICO price.

So we did a quick calculation: if we were to help cover the losses for our users and for those projects, it would cost us roughly $6,000,000 USD. Putting that in perspective, while we only raised $15,000,000 two months prior, we spent a bunch of money and were barely cash flow neutral at the time. We decided to do it anyway. I was in a moving subway when the team called me, and we made that decision together in less than 5 minutes. That was more than 35% of all the cash we had at that time.

Changpeng Zhao

CEO, Binance

At the same time, according to Zhao, such a move eventually brought Binance many users from China and from all over the world, which contributed to the growth of the company.

So, this time, this $40m represented a much smaller % of our cash reserves, plus we had the #SAFU fund that could fully cover it.

Changpeng Zhao

CEO, Binance

He also thanked all members of the community for the help and support provided after the hacking.

Binance suffered hacked attack in the begging of the May, losing 7000 BTC, which is more than $55 000 000 at today's rate (20.05.2019).