Binance resumes withdrawals in phases following security breach

Cryptocurrency exchange Binance announced on Monday that it has begun phased restoration of user withdrawals following a recent security incident, recording a net outflow of approximately $3.64 billion.

The platform began reopening withdrawals in phases at 0600GMT on Sunday, restoring services across 15 networks and assets within six and a half hours, the company said in a statement on social media platform X.

Between 0600GMT and 1530GMT on Sunday, the exchange processed $4.65 billion in withdrawals alongside $1.01 billion in deposits.

Binance said the resulting net outflow represented 2.1% of its $171 billion in total assets under management, based on its reserve data from Oct. 28.

"After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial," the exchange stated.

The platform noted that market conditions remain stable and technical teams are testing remaining networks and assets to prepare for the next phase of restorations.

Binance added that an updated proof-of-reserves report based on a snapshot taken on Oct. 31 will be published on Tuesday following the completion of cryptographic calculations.