Binance resumes phased withdrawals; $2.51 billion leaves platform on Nov. 1

Opening — withdrawals resume in phases

Binance published Recovery Update #4 titled "Withdrawals Resume in Phases" on 2026-11-01 announcing a phased resumption of withdrawals after an earlier security incident (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

The company said it would initiate phase one withdrawal windows on 2026-11-01 between 06:00 and 09:00 UTC, with further phases to follow as systems are validated (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Which assets and networks were reopened in phase one

Binance listed the specific networks and assets included in phase one. The list included BTC (Bitcoin), ETH (Ethereum and ETH-based USDT/USDC), BNB Smart Chain, TRX, SOL, XRP, ZEC, DOGE, TON, Polygon (MATIC), Avalanche (AVAXC), Arbitrum, Base, Optimism and Sui (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Deposits remained open throughout the incident, and Binance stated deposit services were not affected by the phased withdrawal restoration (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Binance warned users of possible temporary delays or longer processing times for withdrawals during the phased rollout because of traffic volume and system checks (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Binance statements on funds, replenishment and liability

Binance said it had replenished approximately 95% of the impacted amount using company resources and market/OTC purchases, an increase from ~90% reported in an earlier update (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

The company stated that balances in many top assets were 100% backed and reiterated that user funds remain safe. Binance also said it will absorb losses from the stolen funds rather than passing them to users (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Binance reported it is working with law enforcement and industry partners to trace and potentially recover stolen funds and promised a post-incident report after investigations are complete (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

On-chain tracking: $2.51 billion net outflows on Nov. 1

CryptoSlate reported tracked Binance wallets recorded $2,510 million in net crypto outflows on Nov. 1 as withdrawals resumed (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

According to CryptoSlate's reporting of DeFiLlama data, outflows on Nov. 1 included approximately $1,083 million in USDT, $912 million in Bitcoin, $385 million in USDC and $131 million in wrapped Ethereum (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

CryptoSlate noted Binance warned of possible congestion and said it had moved withdrawals to newly generated wallets, which complicates estimates of customer exits from the platform (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

• Total reported net outflows on Nov. 1: $2,510 million (CryptoSlate, DeFiLlama data)
• Breakdown reported by CryptoSlate: USDT ~$1,083 million; BTC ~$912 million; USDC ~$385 million; wrapped ETH ~$131 million

Context: the underlying breach and law enforcement attribution

CryptoSlate described the underlying security incident as a $6.3 billion breach and referenced law enforcement attribution (FBI) to a North Korea-linked operation in reporting around the withdrawal resumption (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

Binance has said it is coordinating with law enforcement and partners to trace and attempt recovery, and that a post-incident report will follow once investigations conclude (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Analysis — what these verified facts mean

Resuming withdrawals in phases is designed to balance restoring user access with security checks and infrastructure stability; Binance emphasised gradual rollout and warned of delays (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

The $2.51 billion of on-chain outflows reported for Nov. 1 shows significant user movement when withdrawals became available, concentrated in stablecoins and Bitcoin per CryptoSlate's DeFiLlama-derived figures (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

Binance's claim it replenished ~95% of impacted amounts and will absorb losses addresses immediate solvency concerns for customers, while the promised post-incident report and law enforcement cooperation aim to provide further transparency (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

An important uncertainty remains: moving withdrawals to newly generated wallets and possible network congestion complicates real-time tracking of exactly how much user-controlled crypto left the platform versus on-chain movements tied to operational processes (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

Clearly labelled analysis

Reader questions and practical next steps

Did Binance officially restart withdrawals and when? — Yes. Binance announced phased withdrawals would begin in phase one on 2026-11-01 between 06:00 and 09:00 UTC (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Which assets left Binance when withdrawals reopened? — On-chain tracking reported by CryptoSlate shows $2.51 billion net outflows on Nov. 1, with reported outflows concentrated in USDT, BTC, USDC and wrapped ETH (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

Is my deposit safe and will Binance cover losses? — Binance stated user funds remain safe, that many top asset balances were 100% backed, that ~95% of impacted amounts were replenished, and that the company will absorb losses from the stolen funds (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

How can I check whether my withdrawal network/asset is available? — Binance published the list of networks and assets in the phase one window (see section on assets/networks) and noted that withdrawals will be restored progressively after security and readiness checks (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Practical steps readers can take: check Binance official communications for phase scheduling and network availability, expect possible delays during the phased rollout, and follow the announced post-incident report for further details (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

Current status

As of the 2026-11-01 Recovery Update #4, phase one withdrawals were scheduled for 06:00–09:00 UTC that day for the listed networks and assets (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).

CryptoSlate reported $2.51 billion in net on-chain outflows tied to Binance-tracked wallets on Nov. 1, with the breakdown noted earlier (source: cryptoslate.com, sourceId: 83c5e358531707017ac0b8a8).

Binance states deposits are unaffected, it has replenished ~95% of impacted funds, and it is working with law enforcement and partners; a post-incident report will follow pending investigations (source: binance.com, sourceId: 5bd6fd489e255c9a3e7e26c7).