Binance has announced plans to begin restoring cryptocurrency withdrawal services in phases from November 1, after replacing approximately 95 per cent of funds affected by a security incident.
The world’s largest cryptocurrency exchange by market capitalisation disclosed this in its fourth recovery update published on X on Sunday.
Binance said deposits remain open and have not been affected by the incident, while the initial withdrawal restoration phase is scheduled to begin between 6am and 9am Coordinated Universal Time (UTC).
Additional networks and digital assets will become available as they pass security and operational readiness checks.
“We are taking a phased approach by prioritising tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened,” Binance said.
The exchange warned that users could experience temporary delays or longer processing times during the initial rollout because of increased traffic.
It advised customers whose withdrawal requests fail during the process to try again after a short while.
Binance replaces 95% of affected funds
Binance said it had covered approximately 95 per cent of the amount affected by the security incident, up from 90 per cent reported in its previous update.
The outstanding five per cent comprises tokens outside the top 10 cryptocurrencies, which the company said were less liquid and therefore took longer to source in the required quantities.
“We continue purchasing the remaining affected assets through market and OTC channels,” Binance said.
The exchange also confirmed that the balances of Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD and Zcash (ZEC) are fully backed at 100 per cent.
Why Binance suspended withdrawals
Binance said it initially suspended withdrawals as a precaution to contain the incident, assess its impact, restore affected services and complete necessary security checks.
The company acknowledged the inconvenience caused by the suspension, stressing that protecting customers and the platform remained its priority.
“We did not take this decision lightly. We understand how important reliable access to withdrawals is for our users,” it said.
“However, our priority was to protect users, safeguard the platform, and complete the necessary security checks before restoring services.”
According to the exchange, its recovery efforts have included enhanced security reviews of affected services, assessments of withdrawal infrastructure and collaboration with law enforcement agencies and industry partners to trace and recover stolen funds.
It also said it had replenished affected assets using company resources.
Binance assures users their funds are safe
The cryptocurrency exchange reiterated that customers would not bear the financial losses resulting from the stolen funds.
“As we have said throughout this incident: user funds remain safe. Binance will absorb the financial impact of the stolen funds, not our users,” the company said.
Binance also promised to publish a post-incident report containing further details once investigations are completed.
It said it would continue strengthening its security measures, completing the recovery process and monitoring the platform as withdrawal services gradually return.
