Binance reopened Bitcoin withdrawals on November 1, making Bitcoin the first network to resume withdrawals after the exchange suspended services following a reported $6.3 billion cryptocurrency hack on October 29.
Summary
- Binance has restarted Bitcoin withdrawals after suspending services following the security breach.
- The first recovery phase covers selected cryptocurrencies across 15 blockchain networks, while other withdrawals remain under security checks.
- Binance says it has replenished 95% of the affected assets, up from 90% in its previous update.
- The exchange says BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC balances are now fully backed.
- Binance has published a new Proof of Reserves snapshot, with full cryptographic verification expected by November 3.
According to Binance’s latest announcement, Bitcoin withdrawals are now available as part of the first phase of its recovery plan. Founder Changpeng Zhao (CZ) also confirmed the reopening in a short post on X, saying that BTC withdrawals were live.
The exchange scheduled the initial reopening window for Sunday between 06:00 and 09:00 UTC. Selected cryptocurrencies across 15 blockchain networks were included in this first phase.
Binance resumes Bitcoin withdrawals as security checks continue
Customers can now withdraw Bitcoin through its native network, while Binance gradually restores other supported assets.
The recovery notice lists Ethereum, BNB Smart Chain, Tron, Solana, XRP Ledger, Zcash, and Dogecoin among the networks included in the reopening plan. Polygon, Avalanche C-Chain, Arbitrum, Base, Optimism, TON, and Sui complete the list of 15 networks.
Several networks will support withdrawals of multiple cryptocurrencies. For example, Ethereum supports ETH, USDT, and USDC, while Arbitrum supports ETH, USDT, USDC, and ARB.
Binance said it is deciding the reopening order based on withdrawal demand recorded over the previous week. Its engineering teams must complete security and stability checks before each asset and network combination becomes available.
This means that being included in the first-phase list does not guarantee that every withdrawal option will reopen at the same time.
Customers have been advised to check the withdrawal page or network status before making transactions. Binance also warned that heavy traffic could cause temporary delays during the recovery process.
Binance says 95% of affected assets have been replenished
Binance reported another improvement in its asset recovery, saying it had replenished approximately 95% of the affected assets by November 1.
Co-CEO Richard Teng confirmed the figure and said the company would cover the losses caused by the breach.
Binance had previously reported 80% coverage before increasing the figure to 90% in its October 31 update.
The exchange has set aside more than $6.34 billion in company resources to cover the affected assets. Its latest recovery figure represents roughly $6 billion against the estimated $6.3 billion incident value.
The remaining 5% involves cryptocurrencies outside the ten assets Binance identified as fully backed. The company said these tokens have lower liquidity and require more time to purchase in sufficient quantities.
Binance has been buying replacement cryptocurrencies through exchanges and over-the-counter trading desks.
The recovery is being funded through its Secure Asset Fund for Users (SAFU), excess reserves from its Futures Insurance Fund, and the company’s corporate treasury.
Binance publishes new Proof of Reserves snapshot
Before reopening withdrawals, Binance took another Proof of Reserves snapshot at 00:00 UTC on October 31.
The exchange said its Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD, and Zcash balances were fully backed.
The October 31 snapshot is available on Binance’s Proof of Reserves website. However, the full zero-knowledge cryptographic verification requires additional processing and is expected to be available by Tuesday, November 3.
Binance had previously outlined its recovery timetable and explained that it was using company reserves to replace missing customer assets.
The exchange has also committed to restoring its SAFU emergency reserve to around $1 billion after using part of the fund during the recovery.
Other withdrawals still require security clearance
Although Bitcoin withdrawals have resumed, Binance has not announced a fixed date for the second recovery phase.
Co-founder Yi He said the remaining wallets are undergoing repeated security audits and checks of their protection systems.
She explained that the exchange will prioritize additional cryptocurrencies based on market capitalization, the amount of funds held, and the number of customers using each asset.
The October 29 attack affected multiple hot wallets and led Binance to suspend withdrawals across the exchange while investigators examined the compromised systems.
Earlier technical investigations pointed to malicious Ethereum wallet authorizations, while Binance said its preliminary findings suggested that an employee’s laptop may have been compromised.
The exchange has promised to release a detailed incident report once its investigation is complete.
Deposits remain operational, and Binance says it will announce further withdrawal reopenings through its official channels as individual networks pass security checks.