- Binance scheduled its first withdrawal restoration phase for November 1 between 06:00 and 09:00 UTC following security checks.
- The exchange recovered approximately 95% of affected funds, up from 90%, and is sourcing the remaining 5% through market purchases.
- Binance confirmed full backing for ten major cryptocurrencies and pledged to absorb remaining losses without passing costs to customers.
Binance plans to restart withdrawals on November 1 after suspending the service during a security incident. The exchange will begin its first phase between 06:00 and 09:00 UTC, restoring access gradually after security checks. Binance also reported recovering approximately 95% of the affected funds and said customers would not absorb the remaining losses.
Binance Sets November 1 Withdrawal Restart
According to Binance Africa’s November 1 update, the exchange will reopen withdrawals through a phased rollout. The first phase covers selected networks and assets, with additional options returning after further readiness checks.
Binance said it prioritized assets using user demand data from the previous week. However, processing times may increase during the initial rollout because of higher traffic.
Users should check individual withdrawal pages or Binance’s network status page before initiating transactions. If a listed withdrawal fails, the exchange advised customers to retry shortly afterward.
Deposit services remain open and were not affected by the incident. Binance said teams reviewed affected services, assessed withdrawal infrastructure and monitored remaining security risks.
Binance Raises Fund Recovery to 95%
The exchange said it has covered approximately 95% of the affected amount using company resources. That figure increased from 90% in its previous recovery update.
Binance is still sourcing the remaining 5% through market purchases and over-the-counter channels. The outstanding assets fall outside the ten major tokens listed in its announcement. The exchange said their lower market liquidity makes large-scale purchases take longer.
Meanwhile, Binance confirmed full backing for BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Customers can check reserve information through its proof-of-reserves website.
Exchange Continues Investigation and Security Reviews
Binance said it is working with law enforcement and industry partners to trace stolen funds. It also thanked partners who helped freeze assets and support recovery efforts. The company said it would publish a post-incident report after completing its investigation.
It also reiterated that Binance would absorb the financial impact of stolen funds rather than pass losses to users. The exchange will continue monitoring platform performance as additional withdrawal networks and assets become available.
