Binance, one of the world's largest cryptocurrency exchanges, is set to partially restore withdrawal services on November 1, 2026. This phased reopening comes after a significant security incident that led to a temporary suspension of withdrawals, impacting an estimated $6.3 billion in assets.
The announcement, made by Binance Co-Founder and Chief Customer Service Officer Yi He, outlines a cautious approach, prioritizing the security verification of individual cryptocurrency wallets before users can access their remaining funds. The initial phase will cover 15 blockchain networks and a selection of popular cryptocurrencies and stablecoins.
Phased Withdrawal Resumption Details
Beginning between 06:00 and 09:00 UTC on November 1, the first wave of withdrawals will include major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), BNB, Tron (TRX), Solana (SOL), and XRP. Other digital assets like Zcash (ZEC), Dogecoin (DOGE), TON, Polygon (POL), Avalanche (AVAX), Arbitrum (ARB), Base, and Sui (SUI) will also be available. Supported stablecoins, including USDT and USDC, are part of this initial rollout.
Wallets associated with other cryptocurrencies are currently undergoing extensive security audits and perimeter checks. Binance stated that the restoration of these remaining tokens would be prioritized based on factors such as market capitalization, locked funds, and user base size.
Understanding the Security Incident
The decision to suspend withdrawals followed a major security breach that compelled the exchange to restrict access temporarily. This allowed Binance to thoroughly assess the extent of the compromise and secure its infrastructure. The company has since engaged in enhanced security reviews, evaluated its withdrawal systems, and collaborated with law enforcement and industry partners to trace and recover the stolen assets.
The investigation has focused on tracking the movement of the compromised cryptocurrency and identifying the parties responsible for the attack.
Binance's Recovery Efforts and User Expectations
Alongside the withdrawal update, Binance provided an encouraging report on its recovery efforts, stating that approximately 95% of the affected funds have been covered. This marks an increase from the previous update, which reported around 90% recovery. The exchange has been actively repurchasing the outstanding affected assets through market transactions and over-the-counter channels, utilizing its own company resources.
Binance noted that the remaining 5% largely consists of less liquid tokens outside the top 10 cryptocurrencies, which require more time to source in the necessary quantities. The exchange reiterated its commitment to absorbing the financial impact of the stolen funds, ensuring that no losses are passed on to its customers.
Users should anticipate potential temporary delays or longer processing times during this initial rollout due to an expected surge in transaction volumes. If a withdrawal attempt for a supported asset or network fails, users are advised to try again after a short interval. Importantly, deposits remain unaffected and open throughout this period.
Binance has pledged to continuously monitor the platform as services normalize and will provide further updates on the restoration of additional networks and assets. A detailed post-incident report is also planned once the comprehensive investigation concludes.