Binance begins phased withdrawal restart after $6.3 billion breach

What happened

Binance moved to reopen withdrawals on Nov. 1, days after suspending the service during a major security breach. The exchange set a restart window of 06:00 to 09:00 UTC, according to U.Today and CoinPedia, which corresponds to 11:30 a.m. to 2:30 p.m. IST. Binance said access would be restored in stages as security and infrastructure checks are completed, and it kept deposit services running throughout the outage.

The first phase covers 15 blockchain networks. Binance listed Bitcoin, Ethereum, XRP Ledger, BNB Smart Chain, Solana, Tron, Dogecoin, Zcash, Avalanche, Sui, Polygon and Arbitrum among the networks included. Tether and USD Coin withdrawals will also be enabled on multiple networks. The exchange said it chose the assets based on user withdrawal demand over the previous week.

Binance cautioned that not every asset and network in the first group may become available at the same moment. It said some users could encounter temporary delays while the rollout proceeds.

Why it matters

The resumption is a key operational milestone for Binance after the breach, because withdrawals are a basic service that users rely on to move funds off an exchange. Restoring them in phases allows Binance to test infrastructure and security controls while handling demand from customers who have been unable to withdraw. The focus on networks with the highest recent withdrawal demand suggests the exchange is prioritizing the routes most users need first. Even so, the process is not a full return to normal: the rollout is partial, and Binance has warned of possible delays.

What the data shows

The first phase spans 15 networks. The breach affected roughly $6.3 billion, and Binance says about 95% of affected assets have been covered, compared with 90% at the last update. Ten major assets are described as fully backed. The remaining 5% is tied to less liquid cryptocurrencies. The withdrawal window was set for 06:00-09:00 UTC, or 11:30-14:30 IST.

Background

Binance paused withdrawals after a security breach that led to the theft of about $6.3 billion in cryptocurrencies from its hot wallets, according to the reports. The exchange suspended the service to limit damage, investigate the incident and prevent further losses. In its latest update, Binance said it had recovered around 95% of affected assets, up from 90% in its previous disclosure. It said balances for Bitcoin, Ethereum, XRP, Solana, BNB, Tether, USD Coin, Zcash, USD1 and Ripple USD are fully backed. The remaining 5% involves less liquid assets that are harder to buy in large amounts, the exchange said. CoinPedia reported that Binance will absorb all losses itself and pass none to customers.

What to watch

Binance has said the restart will be progressive, so the next thing to watch is which additional assets and networks are enabled after the initial group. The exchange has also warned that not all listed networks may go live simultaneously. Users may see temporary delays, and the status of the less liquid 5% of affected assets remains a detail to follow in future updates.

Questions readers ask