Binance to Resume Withdrawals in Phases After Exploit, Starting Between 06:00 and 09:00 UTC

Binance announces a phased reopening of cryptocurrency withdrawals following a security exploit, covering 15 blockchain networks in the first phase.

Binance has announced plans to resume cryptocurrency withdrawals in phases following a security exploit, with the first stage scheduled to begin between 06:00 and 09:00 UTC today. The exchange said withdrawals would gradually become available as individual digital assets and blockchain networks complete the required security checks.

According to information shared by Coin Bureau, the phased reopening is intended to restore withdrawal access progressively rather than make all supported assets available simultaneously. Binance has warned that users may experience temporary delays while the process is underway.

First Withdrawal Phase to Cover 15 Networks

The first stage, referred to as "Phase One," will cover 15 blockchain networks. Among the networks specifically identified are Bitcoin, Ethereum, BNB Smart Chain and Solana.

Withdrawal availability will depend on the completion of security checks for each individual asset and its corresponding network. This means that access may return at different times across Binance's supported digital assets, even after the initial reopening window begins.

The exchange has not indicated that all withdrawals will become available immediately during the first phase. Instead, the phased approach allows networks to undergo security verification before withdrawal services are restored.

Binance Reports Full Backing for 10 Major Digital Assets

Binance also stated that balances across 10 major digital assets are fully backed. The assurance addresses concerns surrounding the availability of customer funds following the exploit.

In addition, the exchange confirmed that deposits remain open. Users can therefore continue depositing supported assets while withdrawal services are being restored in stages.

Binance also said it would absorb all losses associated with the incident, emphasizing that none of the losses would be passed on to users. The statement is a central part of the exchange's response as it works to restore normal access to affected services.

Exchange Says It Has Covered About 95% of Exploit Impact

Another significant detail in Binance's announcement is its claim that approximately 95% of the amount affected by the exploit has already been covered.

The figure provides an indication of the progress Binance says it has made in addressing the financial impact of the incident. However, the announcement does not specify the exact monetary value involved or provide a detailed breakdown of the recovery process.

For users, the immediate priority remains the gradual restoration of withdrawal functionality. The availability of individual assets will depend on security checks, meaning temporary delays may continue as the exchange works through the 15 networks included in Phase One.

Binance's announced measures markets include the phased resumption of withdrawals, continued deposit availability, full backing for 10 major digital asset balances and a commitment to absorb all losses without transferring them to customers. The exchange said it has covered about 95% of the amount impacted by the exploit.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.

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