Binance has announced a 70% reduction in fees as a thank you to users following major upgrade work. Releasing an official statement on their website on 9th February, the company explained the system upgrade has successfully been completed, and all trading activity would resume shortly. As a token of appreciation, all users of Binance will receive the discounted prices on trading fees until the 24th February.

This latest news comes after the exchange’s CEO was forced to respond to reports of a Binance hack. Zhao Chengpeng said that it had actually been a technical issue, which resulted in the 24-hour trading ban. The Hong-Kong based digital currency exchange then notified users about a system update, resulting in a trading embargo. The system update took longer than the CEO had first hoped.

Despite the CEO asserting that the trading ban was not a result of a hack, some experts remain sceptical. John McAfee, IT commentator and businessman, said Binance had provided no evidence of a system upgrade.

Just last month, Zhao revealed that the platform was experiencing over a million new users every week. What’s more, they claim to process over 1,400,000 transactions every second, which makes them one of the most significant digital asset exchanges in the world.