Binance announced that scammers could exploit the phased restart of withdrawals by offering fake compensation, faster processing fees, or priority queue spots. The exchange said impersonators might contact users through direct messages, emails, group chats, or small transfers with messages claiming to "speed up withdrawals" or move assets to a "Binance vault."
Binance emphasized that it never initiates contact about account status, sells places in a withdrawal queue, or charges fees to unlock networks or assets. Users were warned against sending funds to unknown addresses, connecting wallets, signing transactions, or providing passwords, two‑factor codes, or seed phrases to unsolicited parties.
Withdrawal activity and fraud alerts
Following the reopening of withdrawals on November 1 across 15 networks, the platform processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in net outflows of about $3.64 billion. The Federal Trade Commission also issued a warning about refund and recovery scams that demand upfront payments or personal information.
Reserve verification tool
Binance released a cryptographic reserve proof covering a snapshot taken at 00:00 UTC on October 31. Holders of BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC can independently verify that the balances in the snapshot were backed at least 1:1. The verification process requires logging in to the official Binance site, downloading an open‑source verifier, and running it locally. Binance stressed that the proof does not expose individual customer balances.
The company‑funded asset replenishment reached 90 % on October 31 and about 95 % by November 1, with the remaining 5 % consisting of less liquid tokens sourced with industry partners. Binance plans another withdrawal phase on November 3 and a broader reserve snapshot on November 4, with an estimated 40–50 hours to generate the proof.
