Binance has restored withdrawals for USDC, USDT and ETH on Ethereum, as well as USDC, USDT and BNB on BNB Smart Chain, as part of a phased recovery following a security incident.

The exchange resumed the withdrawals on November 1, 2026, after approximately $6.3 billion was drained from its hot wallets across multiple blockchain networks on October 29. Bitcoin withdrawals were reopened first, earlier on November 1, followed by Ethereum and BNB Smart Chain.

Withdrawal restoration proceeds in stages

The two networks reopened most recently support the three assets that users most commonly move on them: the two leading stablecoins and each network’s native token. Binance said the phased rollout had expanded to 15 networks, including Ethereum and BNB Smart Chain, also known as BSC.

The exchange warned that users could face temporary delays while withdrawal traffic remained high during the first wave of activity. Deposits remained available throughout the incident, allowing funds to flow into Binance even as withdrawals were suspended.

Corporate funds used to support balances

Binance reported setting aside more than $6.34 billion in corporate funds to back customer balances. That amount is higher than the approximately $6.3 billion taken in the breach.

By the November 1 resumption date, the exchange said it had replenished roughly 95% of the affected assets. Binance also cited an updated Proof of Reserves report, which stated that listed balances in major assets, including BTC, ETH and USDC, were 100% backed. Proof of Reserves reports are public disclosures intended to show that an exchange’s holdings cover its customers’ balances.

A parallel recovery effort is also underway. Binance and its partners have frozen or located approximately $3 billion worth of the stolen assets.

How the withdrawal suspension unfolded

Following the October 29 breach, Binance suspended all withdrawals while it conducted security audits and replenished the affected assets.

Hot wallets are connected to the internet and hold funds used to process an exchange’s routine withdrawals. Exchanges generally keep the majority of customer assets in offline cold storage, with hot wallets holding only the amounts needed for day-to-day processing. The attack affected hot wallets across multiple blockchain networks rather than a single chain. Binance’s staggered reopening therefore follows individual networks instead of restoring all withdrawals at once.

Binance has said it is preparing a detailed post-incident report covering the impact of the breach and the exchange’s response. The company has not provided a fixed timetable for the remaining recovery phases, saying they will depend on additional security assessments and user demand.

What the restoration means for users

Users holding stablecoins or ETH on Binance can once again withdraw those assets through the reopened networks, although delays may continue while activity remains elevated. The restoration also means Binance is using corporate funds to cover the affected balances rather than passing the reported loss on to users’ balances.

The next developments will include whether the remaining networks reopen without further pauses, whether withdrawal delays decline as the initial demand subsides, and how much of the approximately $3 billion in frozen or located assets is ultimately recovered.

Disclosure: This article was edited by John Chen. More information about CryptoBriefing’s content creation and review process is available in its Editorial Policy.

Original source: https://cryptobriefing.com/binance-restores-usdc-usdt-eth-bnb-withdrawals