Binance Begins Second Withdrawal Phase as Exchange Outflows Slow After $6.3 Billion Hack
Binance is preparing to reopen cryptocurrency withdrawals for additional assets on Tuesday as outflows from the exchange show signs of slowing following last week’s reported $6.3 billion hack. The second phase is scheduled to begin at 04:00 UTC, with services returning gradually as security and operational readiness checks are completed.
The latest reopening follows the initial restoration of withdrawals on Nov. 1. Binance said the process would proceed asset by asset, with priorities determined partly by user demand over the past week. Deposits remain available during the phased recovery.
Binance Expands Withdrawal Access Across Major Networks
According to Binance’s recovery notice, the second phase covers several major blockchain networks, including BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base.
The exchange said the timing of each asset’s reopening would depend on the completion of security and readiness checks. This means withdrawal access may return at different times across supported networks rather than becoming available simultaneously.
Binance also announced on Monday that withdrawals had resumed for several fiat currencies. The newly reopened currencies include the US dollar, United Arab Emirates dirham, Vietnamese dong, Philippine peso and Indonesian rupiah. These additions expand access alongside 23 other fiat currencies that were already available for withdrawal.
Exchange Outflows Decline From Sunday’s Level
Data from DefiLlama indicate that net outflows from Binance slowed on Monday. The reported figure fell to $2.57 billion, compared with $6.1 billion on Sunday.
The decline suggests that the pace of withdrawals eased over the period covered by the data. However, the figures alone do not establish whether users have regained confidence in the exchange or how market participants will respond as additional withdrawal services become available.
The phased reopening comes as Binance continues restoring access to assets and payment channels. The exchange has not indicated in the supplied information when every remaining withdrawal service will be fully restored.
Binance Warns Users About Withdrawal Scams
Alongside its recovery updates, Binance issued a security warning about scammers attempting to exploit uncertainty surrounding the phased reopening. The exchange said fraudsters may impersonate Binance representatives and promise faster withdrawal processing in exchange for a fee.
Other reported tactics include offering priority processing, claiming to help users obtain compensation or instructing customers to transfer assets into a purported “Binance vault.” Binance warned users against these offers, stating: “Anyone promising to expedite it for a fee is scamming you.”
Users should be cautious of unsolicited messages and claims that withdrawal access can be accelerated through payment or asset transfers. Binance’s stated approach is to restore services progressively as security and readiness checks are completed.
source: cointelegraph
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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