Binance has moved to limit its exposure to SignalPlus as assessments continue, after the Hong Kong-based options trading platform disclosed a security scare. The discovery, made on Thursday and also flagged by Deribit, has prompted platforms with exposure to swiftly remove the API key connections that institutional clients use to access SignalPlus, which is valued at $500 million.

Binance has confirmed that nothing from the incident reached its internal systems or customer funds.

Was Binance hacked?

No. In an X post, the exchange clarified that it was not hacked, and that the notice concerned the precautionary revocation of API keys following the security scare involving SignalPlus.

API keys are credentials that allow traders to automate trading strategies through third-party tools without handing over custody of their assets. Balances remain on the exchange throughout. The revocation means any automated trades that customers run on Binance via SignalPlus will stop immediately. Customer balances are unaffected, since the security threat does not sit on Binance's side.

Under the exchange's terms, Binance retains the discretion to suspend keys during security events. The proactive measure allows the platform to plug holes as soon as they are found, rather than waiting for users to act individually.

The episode also illustrates a structural feature of modern crypto trading: institutional desks increasingly route orders through third-party software connected via API keys, so a security problem at a single vendor can require precautionary action at every venue it touches — as the flags from both Binance and Deribit show.

Binance co-founder and former CEO Changpeng Zhao (CZ) also raised the alarm, warning on X that SignalPlus users should revoke all of their API keys on any platforms where they use them. He further cautioned 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 Series B1 round led by HashKey Capital in June. The company has raised approximately $73 million across several funding rounds.

The platform builds options and derivatives trading infrastructure for institutions and handles significant volume for a client base that includes Cumberland, FalconX, and Galaxy Digital. It processed $160 billion in volume during Q4 2025. SignalPlus is also integrated into other platforms, including Bybit, OKX, and Paradigm.

Deribit has been integrated with SignalPlus since at least December 2022, according to an official announcement. The derivatives exchange processed nearly $70 billion in Block-RFQ trades on its own in Q4 2025.

The security advisory lands within days of the $6.3 billion breach that hit Binance on October 29, which Cryptopolitan reported the FBI has traced to the North Korean TraderTraitor group.

SignalPlus has not published its own account of the incident as of this report. Until it does, the open questions are how the vendor explains the scare and whether other platforms in its integration network — Bybit, OKX, and Paradigm among them — take similar precautionary steps.