Binance Opens Second Withdrawal Phase Across Nine Networks

Binance Reopens Withdrawals on Nine More Networks

Binance entered the second stage of its withdrawal recovery on Tuesday, reopening outbound transfers for additional assets from 04:00 UTC. According to the exchange's latest recovery notice, reopening rolls out progressively across the supported assets as security and readiness checks are completed, the same phased method applied when the first tranche went live on Nov. 1. Nine networks join in this wave: Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base. For users moving balances into a self-custody crypto wallet, most major transfer routes are now open, while assets sitting on chains outside the list stay locked until their own checks pass. Binance says it is prioritizing tokens based on the demand recorded over the past week, and deposits continue to be accepted across the platform without restriction. The schedule carries weight because withdrawals were halted after the Oct. 29 breach, an incident the exchange estimates at roughly $6.3 billion in losses, the largest in its history. Phase one, activated on Nov. 1, restored withdrawals on 15 networks and tokens, but it left a large share of customer balances temporarily unreachable, a constraint this second phase starts to unwind. Traders holding funds on the platform for trading on Binance gained a wider set of exit routes on Tuesday, and the progressive structure allows further waves to open without a separate blanket announcement. The company has not yet published a technical root-cause report or the attacker's transaction hashes; the only remediation detail disclosed so far is the freezing of about $3 billion in related assets. It has committed to covering all customer losses in full through its SAFU protection fund and its own capital.

$3.64 Billion Net Outflow in 9.5 Hours

The first reopening window now has hard numbers attached. Once withdrawals resumed on Nov. 1, about $4.65 billion left the platform and roughly $1.01 billion flowed back in over approximately 9.5 hours, producing net outflows near $3.64 billion, according to COINOTAKU. Measured against the roughly $171 billion in customer assets Binance held as of Oct. 28, that initial exodus equals 2.1% of balances. The outlet is explicit about the limit of the figure: 2.1% captures only the first hours of the reopening and does not predict final customer attrition, particularly since many tokens could not yet be withdrawn when the window opened. Even with that caveat, the number is low for an exchange absorbing the biggest hack in its history, and the composition of the flow matters as much as the total. Deposits of about $1.01 billion in the same window suggest part of the movement was rotation rather than flight. Binance's compensation pledge is the most visible anchor: the company has committed to making customers whole using the SAFU fund and its own resources, and it has a track record of paying out after earlier incidents. A refreshed proof-of-reserves publication is also in progress, which would let users verify that the balances shown for each deposit wallet address are actually backed. Practical friction played a role too. Moving to another exchange re-creates the same counterparty exposure users just watched get tested, while self-custody requires generating and safeguarding one's own private key, a step many retail holders have never taken. The exchange says the withdrawal surge is calming as phase one stabilizes, and incoming deposits have continued throughout the recovery.

Why Only 2.1% Left

The recovery data points to a simple mechanic: deposits stayed because the compensation promise was credible, not because the breach was small. A $6.3 billion loss, with roughly $3 billion frozen on-chain and a full-coverage commitment behind it, did not produce a bank run, and the 9.5-hour window shows users distinguishing between an incident and insolvency. The test ahead is mechanical. If net outflows stay near zero once the nine phase-two networks clear their checks, and the refreshed proof-of-reserves lands before the final withdrawal wave, the $171 billion base should hold; if either slips, the 2.1% baseline will be retested quickly.