Binance withdrawals were expected to expand to more assets in a second phase planned for Nov. 3. The exchange had reopened selected withdrawal options on Nov. 1 after a security incident that Binance estimated had an impact of about $6.3 billion. As of its Nov. 2 update, Binance had not said the second phase had begun or specified which assets it would cover.
Key Takeaways
- Binance said a second withdrawal phase was planned for Nov. 3, with details still to come.
- Withdrawals remained partially suspended for most cryptocurrencies on Nov. 2, Reuters reported.
- Reuters reported net customer withdrawals of $4.72 billion since reopening; Binance also reported $2.7 billion in inflows.
- Binance said it had set aside more than $6.34 billion to cover losses and put the covered share at approximately 95% in its Nov. 2 update.
Binance withdrawals: what is changing
Binance resumed withdrawals in phases on Nov. 1, initially restoring selected assets and networks, according to Reuters reporting carried by Kitco. In its Nov. 2 recovery update, Binance said the next phase was planned for Nov. 3 and that further details would follow. That announcement was a plan, not confirmation that the phase had started.
Reuters reported on Nov. 2 that withdrawals were still partially suspended for most cryptocurrencies. Binance’s recovery update said deposits remained open and unaffected. The update did not identify the assets or networks scheduled for the next withdrawal phase.
The exchange’s wording distinguishes the initial reopening from the planned next step. Selected withdrawal options had returned, but withdrawals were still being restored in phases. Binance did not say that all assets or networks would become available at once, and its Nov. 2 update did not provide further details about the next phase.
Incident estimate and Binance’s recovery update
Binance’s Oct. 30 incident notice estimated the impact at about $6.3 billion. The exchange said its preliminary investigation pointed to a possibly compromised DevOps engineer’s laptop and access to a service container. Binance also said it had found no evidence of a wallet private-key leak and that about $3 billion had been frozen on-chain at that point.
Binance later said it had set aside more than $6.34 billion to cover losses. In its Nov. 2 update, the exchange said the covered share was approximately 95%; the remaining 5% comprised less-liquid tokens it was still sourcing. These are Binance’s reported figures about its coverage and sourcing efforts.
Background and context for the Binance withdrawals
The FBI said North Korea was responsible for the theft of more than $6 billion in virtual assets from Binance on or about Oct. 29, 2026. It identified the activity as TraderTraitor and urged virtual-asset services to block transactions linked to listed addresses. The FBI alert states the agency’s attribution. Binance’s Oct. 30 notice separately described its preliminary technical investigation.
Binance also said users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC could independently verify at least 1:1 backing after it generated a zero-knowledge proof for its Oct. 31, 2026, 00:00 UTC proof-of-reserves snapshot. The statement applies to those listed assets and that specific snapshot.
Customer withdrawals and inflows
Reuters reported on Nov. 2 that customers had withdrawn a net $4.72 billion since Binance reopened withdrawals. Binance said this was about 3% of its platform assets and that it had also received $2.7 billion in inflows since Sunday. The net withdrawal figure is distinct from the reported impact of the security incident.
Binance said withdrawal volumes had declined and were stabilizing after an initial spike, according to Reuters reporting carried by Kitco. Reuters also reported that some traders were keeping funds on the exchange. An analyst cited in the report said centralized exchanges remained important for liquidity, trading and market access.
These figures describe reported aggregate movements. They do not establish why individual customers moved funds, and the evidence provided does not establish that the withdrawal figures caused any particular market-price movement.
What to watch next
Binance said further details about the planned second phase would follow. As of its Nov. 2 update, the exchange had not listed the assets or networks involved or provided a start time. The announcement supports that a phase was planned for Nov. 3, not that every withdrawal route would reopen then.
Further reporting can be compared with Binance’s statements about withdrawal and inflow figures, its coverage of losses and its efforts to source the remaining less-liquid tokens. The FBI’s attribution is a separate statement from Binance’s preliminary technical account, and the two describe different aspects of the incident.
FAQ
When will Binance withdrawals reopen for more assets?
Binance said the next phase was planned for Nov. 3, with further details to follow. Its Nov. 2 update did not give a start time or list the assets and networks involved.
Had the second Binance withdrawals phase started on Nov. 2?
No. Binance’s Nov. 2 update said the phase was planned for the following day. Reuters reported that withdrawals remained partially suspended for most cryptocurrencies on Nov. 2.
How much did customers withdraw after the hack?
Reuters reported net customer withdrawals of $4.72 billion since reopening began. Binance said this was about 3% of platform assets and reported $2.7 billion in inflows since Sunday.
Sources
- Security Incident | Recovery Update #5: October 31st PoR Snapshot Now Fully Verifiable by Users as ZK Proof Generated (2026-11-02) (www.binance.com)
- North Korea Responsible for $6 Billion+ Binance Attack, FBI (www.fbi.gov)
- Binance begins second withdrawal phase following record hack (Cointelegraph)
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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