Key Insights
- Binance is restarting restoration of withdrawals on 15 networks, prioritizing customer demand.
- The exchange states that it is replenishing about 95% of the affected assets, and that affected customers will not be responsible for any losses.
- The complete Proof of Reserves report is due by November 3 UTC, and will be another challenge for Binance’s transparency claims.
Binance has announced that Bitcoin withdrawals will return on November 1 2026. The cryptocurrency exchange is restarting services after a security breach that resulted in the loss of about $6.3 billion, in digital assets. The recovery will happen in phases. Covers fifteen blockchain networks. Binance says it has replenished ninety‑five percent of the affected funds and will not charge customers for the losses.
BTC withdrawal is live. https://t.co/Q4jgiJ4Fup
— CZ 🔶 BNB (@cz_binance) November 1, 2026
Binance begins phased withdrawal restoration
Binance began its recovery phase between 06:00 and 09:00 UTC on November 1. The exchange first focused on Bitcoin withdrawals. Then gradually restored access across other supported networks.
The first phase includes Bitcoin, Ethereum, BNB Smart Chain, TRON, Solana, XRP, Zcash, Dogecoin, TON, Polygon, Avalanche C-Chain, Arbitrum, Base, Optimism and Sui.
Binance chose these networks based on customer withdrawal demand from the week. Because of this availability differs by asset and blockchain. It does not return at once across the exchange.
The exchange stopped withdrawals after finding a security issue between October 29 and 30. However during the problem deposits were still allowed. This let customers keep moving assets into their accounts.
Binance also said that more people using the system could slow things down. Customers should check each asset and network to see if they are available, before starting any transactions.
Binance reports 95% fund replenishment
Binance initially reported replenishing between 90% and 95% of the affected assets through company funds and its Secure Asset Fund for Users. The exchange subsequently raised its reported recovery figure to approximately 95%.
According to Binance, the remaining 5% consists of less-liquid tokens that require additional time to acquire through market purchases and over-the-counter transactions.
The exchange has said that customers did not actually lose any money in the incident. This pledge has an immediate cost to Binance, not their customers, but there is still a need for independent verification.
Partner exchanges have also frozen some $3 billion of stolen assets. Those freezes may prevent the attackers from shifting their funds or their attacks, in addition to investigators tracking funds on several different blockchains.
Among the hit were the Ethereum and Bitcoin cryptocurrencies. The multichain nature of the incident also poses a recovery challenge because every withdrawal path needs to be secured via security checks and operational testing.
Binance co‑CEO Richard Teng previously emphasized that withdrawals would resume after the exchange completed rigorous testing. The phased approach reflects that requirement. Reduces the need to restore every network simultaneously.
Proof of reserves becomes the next test
Binance’s next major accountability milestone concerns its Proof of Reserves report. The exchange published a new snapshot based on data collected at 8 p.m. Eastern Time on October 30.qwqw
However, the complete zero-knowledge proof requires additional computation. Binance estimated that preparation would take between 40 and 50 hours, with completion expected by November 3 UTC.
Teng had previously promised a full report by November 2. The revised timetable therefore places the complete proof after the initial withdrawal restoration.
Binance says balances in BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC remain fully backed. However, this assurance concerns asset backing and does not mean every withdrawal network has reopened.
The proof should allow customers to verify that their balances appear in the exchange’s reported liabilities. Its publication will provide additional evidence for evaluating Binance’s claims following the breach.
Security implications extend beyond Binance
Blockchain analytics companies and the FBI have attributed the attack to the group known as TraderTraitor, which has been tied to North Korea. The whole attribution has raised the profile of cryptocurrency platforms and their measures against high-end cybercrimes.
The incident also brings to light the dangers of keeping assets in exchange-controlled hot wallets. While cold wallets were reportedly not affected, the amount of losses have brought to question their operational security and cross-chain security.
Developments will shape the recovery’s next stage:
- Withdrawal access remains uneven.Users must ensure that their assets and networks are able to take withdrawals.
- There is a need for verification with regard to the funds recovery. The reported replenishment by Binance and the freezes by the exchanges with its partners are independent of each other.
- Transparency will influence confidence. The full Proof of Reserves report should provide additional evidence about customer liabilities and asset backing.
The incident highlights for the broader industry the need for robust withdrawal systems, reporting and collaboration among exchanges probing stolen funds.
Binance has redeveloped one of the existing withdrawal methods, although the process hasn’t been completed yet. The next milestones are the opening of the remaining networks and the reserve proof and additional findings from the investigation.
