Binance started to gradually restore cryptocurrency withdrawals after pausing them due to a reported $6.3 billion security breach involving its hot wallets. The exchange outlined a plan to re-enable withdrawals for select networks as safety and infrastructure checks were completed, beginning with a window between 06:00 and 09:00 UTC on November 1. However, Binance did not specify that every asset or network would become available immediately within that timeframe.
Phased reopening covers 15 networks
The initial phase of Binance’s withdrawal reopening covers 15 blockchain networks. Assets included in this phase consist of Bitcoin, Ethereum, XRP Ledger, BNB Smart Chain, Solana, Tron, and Dogecoin, alongside others such as Zcash, Avalanche, Sui, Polygon, and Arbitrum. Stablecoins USDT and USDC were also planned to be accessible on multiple networks according to details released by the exchange.
Binance stated that the assets selected for early withdrawal access were based on user demand observed during the previous week. The exchange emphasized that networks and assets would return on a rolling basis in line with ongoing security and infrastructure reviews, and did not guarantee simultaneous availability for all listed cryptocurrencies.
Users were advised to monitor updates from the platform, as resumption times for specific coins or networks could vary depending on operational readiness and additional technical checks. Deposits continued uninterrupted throughout the withdrawal suspension period.
Binance indicated that restoration of withdrawal services would proceed in stages and cautioned that the appearance of an asset on the initial reopening list did not necessarily mean it would be immediately available for withdrawal on every network.
Asset recovery and platform backing
The withdrawal freeze was implemented following what was described as a significant security incident affecting Binance’s hot wallets. The platform estimated that approximately $6.3 billion in user assets had been compromised, leading to the temporary halt as a precautionary measure while investigations and recovery efforts were underway.
Binance reported recovering about 95% of the affected digital assets, up from 90% at its previous update. The company stated that full reserves were held for Bitcoin, Ethereum, XRP, Solana, BNB, USDT, USDC, Zcash, USD1, and Ripple USD (RLUSD). According to the exchange, the remaining unrecovered assets represented less liquid holdings, which posed greater challenges for rapid replacement.
These statements reflect Binance’s internal tracking and have not been independently audited in the available reporting. The precise composition of the remaining 5% was not detailed, beyond being characterized as assets that are difficult to acquire in large amounts under current market conditions.
Approximately 95% of the assets affected by the breach have reportedly been recovered, with Binance describing the remainder as harder to source quickly due to their limited liquidity.
Market movements following the update
Shortly after Binance’s announcement, snapshot data from CoinGecko at 08:13 UTC showed positive 24-hour price changes for major tokens like Bitcoin, Ethereum, XRP, and BNB. For example, Bitcoin stood at $77,871, up 0.8%, and Ethereum reached $2,267.36 with a 1.06% gain. Solana, however, recorded a slight decrease of 0.25% to $95.40. These price movements represent market activity at a specific moment and do not directly link to the reopening of withdrawals.
The Crypto Fear & Greed Index, tracked by Alternative.me, registered a level of 34—classified as “Fear”—for November 1, reflecting cautious market sentiment on that day. The snapshot provides context but does not establish a definitive cause and effect between the Binance operational update and broader market direction.
Ongoing monitoring needs
As Binance continues rolling out withdrawal access, users closely follow which assets and networks become available and when. For those keen to monitor the changing status and asset-specific news in real time, CryptoAppsy offers a streamlined way to track the availability of particular coins on Binance or observe market shifts that may arise from operational updates. With its live coin-specific news and customizable alerts, users can swiftly check status changes for relevant assets without sifting through multiple sources.
Further details regarding the specifics of the breach, the exact assets outstanding, and future steps in Binance’s recovery efforts remain to be released. The company has not provided a public timeline for publishing a full audit or breakdown of the incident’s impact. Users are advised to stay alert for additional updates as the situation develops.
