Binance cuts off SignalPlus as security scare hits $500M options platform for institutional traders
- Binance revoked all API keys linked to SignalPlus on Thursday after a potential security issue.
- No customer funds were affected, but automated strategies running through SignalPlus on Binance stopped until users reconnect.
- The Hong Kong options platform is valued at $500 million after its June $50 million raise.
Binance has limited exposure to SignalPlus as assessments continue amid a security scare disclosed by the Hong Kong-based options platform.
The Thursday discovery, also caught by Deribit, has prompted platforms with exposure to quickly remove the API key connections that institutional clients use to access the $500 million-valued SignalPlus.
Binance has confirmed that nothing in this incident has reached its internal systems or customer funds.
Was Binance hacked again?
No, Binance was not hacked today. The X post shared by the exchange was a notice about the precautionary revocation of API keys following a security scare involving SignalPlus.
API keys are credentials that allow traders to automate trading strategies using third-party tools without actually handing over their assets to the tools. Their balances remain on the exchange.
The revocation means any automated trades that customers are running on Binance using SignalPlus will stop immediately. None of this affects customer balances since the security threat is not on Binance’s side.
Binance maintains the discretion to suspend keys during security events, per the exchange’s terms. This proactive step allows the exchange to plug holes immediately they are found, rather than waiting for users to act individually.
Binance co-founder and former CEO, CZ, also raised the alarm for SignalPlus users to revoke all their API keys on any platforms they use them on. He also warned against storing keys with any third-party platform at all.
How big is SignalPlus?
Founded in 2021 and based in Hong Kong, SignalPlus reached a $500 million post-money valuation after confirming a $50 million HashKey Capital-led Series B1 round in June. The company has raised about $73 million across several rounds.
The platform, which builds options and derivatives trading infrastructure for institutions, handles major volume for a client base that includes Cumberland, FalconX, and Galaxy Digital. It handled $160 billion in volume during Q4 2025. SignalPlus is integrated into other platforms such as Bybit, OKX, and Paradigm, to name a few.
Deribit has been integrated into SignalPlus since at least December 2022, processing almost $70 billion in Block-RFQ trades by itself in Q4 2025.
The security advisory lands within days of the $6.3 billion breach that hit Binance on October 29. Cryptopolitan reported that the FBI has traced that exploit to the North Korean TraderTraitor group.
SignalPlus has not published its account of the incident as of this report.
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FAQs
Why did Binance remove SignalPlus API keys?
Binance said it pulled all API keys connected to SignalPlus as an immediate precaution after the platform reported a potential security issue, adding that its own systems and user funds were unaffected.
What is SignalPlus and who uses it?
SignalPlus is a Hong Kong-based institutional options and derivatives trading infrastructure firm founded in 2021, with clients including Cumberland, FalconX, and Galaxy Digital, that closed a $50 million Series B1 round at a $500 million valuation in June 2026.
What did CZ advise users to do?
Changpeng Zhao told anyone using SignalPlus on other exchanges to revoke all their API keys and warned against storing keys with any third-party platform, noting that Deribit had also reported the issue.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Hannah Collymore
Hannah is a writer and editor with nearly a decade of blog writing and event reporting experience in the crypto space. At Cryptopolitan, Hannah contributes to the news page, reporting and analyzing the latest developments in DeFi, RWA, crypto regulation, AI and frontier tech industries. She graduated from Arcadia university with a degree in Business Administration.
