Binance has resumed withdrawals for USDC, USDT, and ETH on Ethereum, as well as USDC, USDT, and BNB on BNB Smart Chain. The restoration, which began on November 1, 2026, represents the first phase of recovery following a security breach on October 29 that affected hot wallets across multiple blockchain networks.
The reopening followed a phased approach rather than a simultaneous restoration. Bitcoin withdrawals returned first on November 1, followed by Ethereum and BNB Smart Chain—the networks carrying the assets most frequently withdrawn by users. In total, the rollout expanded to 15 networks. Binance cautioned users that temporary delays may occur while transaction volume remains elevated during the initial recovery phase.
Unlike withdrawals, deposits continued throughout the incident, allowing funds to flow into user accounts despite the exit restrictions.
Financial Response and Asset Recovery
Binance reported setting aside more than $6.34 billion in corporate funds to back affected user balances, a figure that exceeds the approximately $6.3 billion lost in the breach. By November 1, the exchange had achieved roughly 95% replenishment of the affected assets.
According to Binance's updated Proof of Reserves, listed balances in major assets including BTC, ETH, and USDC are 100% backed. In parallel recovery efforts, Binance and its partners have frozen or located around $3 billion worth of the stolen assets.
Incident Response and Future Recovery
Following the October 29 breach, Binance suspended all withdrawals to conduct security audits and replenish drained assets. Hot wallets—the internet-connected portions of exchanges that process day-to-day withdrawals—were targeted across multiple blockchain networks, necessitating a staggered reopening by chain rather than a single switch.
Binance stated it is preparing a detailed post-incident report outlining the breach's impact and the exchange's response. Additional phases of withdrawal recovery do not operate on a fixed timeline and will depend on further security assessments and user demand.
