Binance Initiates Second Phase of Crypto Withdrawals as Outflows Ease After $6.3B Hack

Withdrawals for additional cryptocurrencies will gradually reopen starting at 04:00 UTC on Tuesday, as outlined in Binance's latest recovery update. This phase follows an initial reopening that took place on November 1.

According to Binance, the process will unfold in stages similar to the first phase, with different assets becoming accessible as security and readiness assessments are completed.

The exchange is prioritizing token withdrawals based on user demand observed over the past week, while deposit functions remain operational.

Blockchains included in the second phase of withdrawals are Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron, and Base, per Binance's information.

On Monday, Binance also announced the resumption of withdrawals for several fiat currencies, such as the US dollar, UAE dirham, Vietnamese dong, Philippine peso, and Indonesian rupiah, expanding the list to 28 fiat currencies available for withdrawal.

Data from DefiLlama reveals that outflows from Binance have tapered off since Sunday, with net outflows dropping to $2.57 billion on Monday from $6.1 billion the previous day.

In a security alert, Binance cautioned users about fraudsters exploiting the phased reopening by posing as the exchange, offering expedited withdrawals, selling priority processing, assisting with compensation claims, or directing funds to fake “Binance vaults.” The exchange emphasized, “Anyone promising to speed up the process for a fee is scamming you.”],

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This phased reopening of withdrawals marks a critical recovery step for Binance, aiming to restore user trust and stabilize the exchange's operations after a major security breach.

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