Binance will begin a second phase of cryptocurrency withdrawals on Tuesday, releasing additional assets to users from 04:00 UTC as the exchange completes outstanding security checks. The phased resumption of withdrawals follows last week's $6.3 billion hack. For scale, the largest previously reported crypto exchange theft remains the roughly $1.5 billion stolen from Bybit in February 2025. Temporary withdrawal halts are a standard industry response to major exchange breaches, giving platforms time to run security checks before services come back online.

— Binance (@binance) November 3, 2026

The first phase of withdrawals went live on Nov. 1. Binance said the second phase will likewise roll out step by step across assets, with tokens prioritized according to user demand over the past week. Deposits remain available throughout the process.

The second phase covers networks including Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base.

Outflows Slow as Services Resume

Net flow data, which measures deposits against withdrawals, is widely used to gauge how users move funds during exchange stress events. Data from DefiLlama shows that outflows from the exchange have slowed since Sunday. Net outflows stood at $2.57 billion on Monday, down from $6.1 billion the day before.

On Nov. 1, Binance reopened withdrawals across 15 networks. Between 06:00 and 15:30 UTC that day, the exchange processed $4.649 billion in withdrawals against $1.01 billion in deposits, for net outflows of roughly $3.64 billion.

Fiat withdrawals also resumed on Monday for several currencies, including the US dollar, the United Arab Emirates dirham, the Vietnamese dong, the Philippine peso and the Indonesian rupiah. The additions join 23 other currencies that were already available on the platform.

Binance Warns of Reopening Scams

Binance cautioned that scammers may use the phased reopening to target users. In an alert posted on X on Nov. 2, the exchange said fraudsters may pose as Binance and offer to "speed up withdrawals," provide "priority processing," help users "claim compensation," or move assets into a so-called "Binance vault."

Security Reminder: Stay Alert to Scams as Withdrawals Resume Withdrawals are resuming in phases and opportunistic scammers may try to take advantage of this period. They may impersonate Binance through DMs, emails, group chats and even small transfers with a message attached,… — Binance (@binance) November 2, 2026

The exchange stressed that anyone promising to expedite withdrawals for a fee is attempting to scam users. Binance said it will never sell places in withdrawal queues, nor will it charge fees to unlock a network or asset.

According to the company, scammers may contact people through direct messages, emails and group chats, and may also send small transfers with an attached message. Binance said it will never ask for passwords, two-factor authentication codes or seed phrases.

The company also warned users about requests to connect a wallet or sign a transaction, noting that such approvals can allow third parties to move assets. It added that blockchain transactions are generally irreversible.

The Federal Trade Commission has separately warned about refund and recovery scams, in which scammers impersonate organizations and request upfront payments or financial information. The agency's consumer alerts note that such schemes typically target people who have already lost money, offering to recover it for an upfront fee. Binance similarly rejected paid asset recovery services.

Binance advised customers with pending withdrawals to check the status of their transactions in the app. Anyone concerned about account security should change their password and review their account settings, and can also contact in-app support.

Proof of Reserves Published

Binance has also released a cryptographic proof of reserves covering a snapshot taken at 00:00 UTC on Oct. 31. The proof covers 10 tokens in total, and holders of BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC can verify that their balances were backed at least 1:1 at the time of the snapshot.

The check confirms backing without revealing any individual customer balances. Users log in on the official Binance website, download an open-source verifier and run it on their own computer. Proof-of-reserves reporting became a widespread industry practice after the November 2022 collapse of FTX, when customers began demanding verifiable evidence that exchanges held the assets they claimed.

The exchange said it will bear the financial impact of the stolen funds rather than passing losses on to users. Company-funded asset replenishment reached 90% on Oct. 31 and about 95% on Nov. 1, with the least liquid tokens making up the remaining 5%. Industry partners are helping to provide replacements for those assets.

Because a snapshot attests to holdings only at a single point in time, Binance plans a more complete reserves snapshot for Nov. 4 and expects the process to take 40 to 50 hours to produce the proof.

Source: CoinCentral