Binance aims to restore all remaining token withdrawals by end of next week
In brief
- Binance is targeting the end of next week to reopen withdrawals on all remaining tokens.
- Over 62 tokens began reopening at 04:00 UTC on November 5, per Binance announcements.
- Deposits kept working throughout the incident; withdrawals have returned in phases since November 1.
- Net outflows from Binance reached about $3.64 billion on November 1, Crypto Briefing reported.
Over 62 tokens back in one batch
In announcements on November 5 and 6, Binance said it was reopening withdrawals for over 62 tokens. Those tokens span networks including Ethereum and BNB Smart Chain, and the reopening started at 04:00 UTC on November 5. Some assets didn't wait for that batch (they were made available before it).
The order wasn't random.
Binance prioritized tokens by how much users wanted them in the previous week, which put ETH, USDT and USDC near the front of the line. Deposits on the exchange kept functioning throughout the incident, according to the report, so it's only the withdrawal side that has been coming back piece by piece.
$3.64 billion out on November 1
On November 1, Binance recorded net outflows of approximately $3.64 billion across 15 networks, Crypto Briefing reported. The outlet didn't name a data provider for the figure. It said the net number came from $4.649 billion in withdrawals set against $1.01 billion in deposits.
Crypto Briefing also reported, without citing a source, that Binance replenished approximately 95% of the affected assets and covered losses through its reserves, including its Secure Asset Fund for Users (SAFU). The report doesn't attribute that 95% figure to Binance itself.
Proof of Reserves and regular updates
Alongside the phased withdrawals, the exchange updated its Proof of Reserves and published asset snapshots. Proof of Reserves is a disclosure meant to show that an exchange holds enough assets to cover customer balances.
Binance said it'll keep issuing regular updates on the recovery and on which assets are available. If the end-of-next-week target holds, that would close out the phased reopening that started on November 1.
