Cryptocurrency exchange Binance has recorded significant customer withdrawals after gradually restoring its withdrawal services following a major security incident. The world's largest cryptocurrency exchange processed approximately $4.65 billion in withdrawals within the first nine and a half hours of reopening services. During the same period, users deposited around $1.01 billion, resulting in net outflows of approximately $3.64 billion.
The figures highlight the scale of customer activity following the restoration of withdrawal facilities across 15 cryptocurrency networks and assets. The development has also drawn attention to investor confidence, exchange security and the ability of major cryptocurrency platforms to maintain uninterrupted access to customer funds.
Binance Records $3.64 Billion in Net Outflows
According to Binance, the exchange processed $4.649 billion in customer withdrawals between 6:00 GMT and 15:30 GMT on November 1, 2026. Deposits during the same period totalled approximately $1.01 billion.
After accounting for deposits, the net outflow from the platform stood at approximately $3.64 billion.
Binance stated that these net outflows represented around 2.1% of its total assets under management, which were valued at approximately $171 billion based on its October 28 reserve data.
The exchange also said that withdrawal activity increased sharply immediately after services became available again. However, withdrawal volumes subsequently declined and began stabilising.
Deposits remained substantial during the same period, according to the company's update.
The figures suggest that although a considerable amount of cryptocurrency was transferred out of the exchange, users continued depositing funds during the restoration period.
Withdrawal Services Restored Across 15 Networks
Binance began restoring withdrawal services in phases at 6:00 GMT on Sunday, November 1.
Instead of reopening every cryptocurrency network simultaneously, the company adopted a phased approach to ensure that individual networks and assets could be tested before services resumed.
Within approximately six and a half hours, withdrawal facilities had been restored across 15 networks and assets included in the initial phase.
The supported assets included major cryptocurrencies and stablecoins such as Bitcoin, Ethereum, USDT, USDC, BNB, Solana and XRP.
The company said its technical teams were continuing to test the remaining networks and assets before proceeding with additional restoration phases.
Binance also warned users that withdrawal processing could take longer than usual because of increased demand and network traffic.
The phased restoration was intended to reduce operational risks while allowing customers to regain access to their cryptocurrency holdings.
Security Breach Triggered Temporary Service Disruption
The withdrawal restrictions followed a major security breach reported during the previous week.
The incident reportedly resulted in cryptocurrency assets worth approximately $6.3 billion being stolen from Binance-related wallets. The scale of the incident raised concerns across the global cryptocurrency industry.
Following the breach, Binance temporarily restricted withdrawal services while its technical teams investigated the incident and worked to strengthen the platform's security infrastructure.
The exchange subsequently began replacing the affected cryptocurrency assets to ensure that customers would not have to bear the financial losses resulting from the incident.
According to Binance's updates, approximately 95% of the affected assets had been covered, while the remaining portion consisted largely of less-liquid cryptocurrencies that required additional time to source.
The company has said it would bear the financial impact of the incident rather than transfer the losses to customers.
FBI Links the Attack to North Korean Hacking Group
The security incident has also attracted the attention of international law enforcement agencies.
The United States Federal Bureau of Investigation identified the North Korea-linked hacking group known as TraderTraitor as responsible for the cryptocurrency theft.
According to the FBI, the attackers were involved in moving stolen cryptocurrency assets and converting them into other digital currencies.
The agency warned that further attempts could be made to launder the stolen funds through cryptocurrency transactions.
The attribution has increased concerns about the growing threat posed by sophisticated cybercriminal groups targeting cryptocurrency exchanges and digital asset platforms.
Binance has been working with law enforcement agencies and blockchain analytics organisations as part of its investigation into the incident.
Binance Says Withdrawal Activity Is Stabilising
Despite the substantial withdrawal figures, Binance has attempted to reassure its customers about the platform's financial position.
The exchange stated that withdrawal volumes had declined following the initial surge and were stabilising as expected.
It also highlighted that deposit volumes remained substantial during the restoration period.
The company said that market conditions remained stable and that its technical teams were continuing security checks on the remaining networks and assets.
These developments are important because large-scale cryptocurrency withdrawals can create concerns about liquidity, operational stability and customer confidence.
However, the reported net outflow of $3.64 billion represented approximately 2.1% of Binance's reported $171 billion in total assets. The figure should therefore be considered in the context of the exchange's overall reported asset position.
Updated Proof of Reserves Report Expected
Another important development is Binance's planned update to its Proof of Reserves report.
The exchange said it had taken a new reserve snapshot on October 31, 2026, and was completing the necessary cryptographic calculations.
The updated report was expected to be published on November 2.
Proof of Reserves reports are designed to provide information about the cryptocurrency assets held by an exchange in relation to customer balances. They can help users assess the platform's reported reserve position, although they do not independently guarantee the absence of every financial or operational risk.
The updated report is expected to provide customers with more recent information about Binance's reserves following the security incident.
What the Withdrawal Figures Mean for Cryptocurrency Investors
The latest withdrawal figures represent an important test of customer confidence in Binance following the security breach.
While the exchange has restored services across 15 networks and assets, the remaining restoration work and ongoing security investigation continue to be closely monitored by cryptocurrency investors.
The incident also highlights the importance of security arrangements, transparent reserve reporting and reliable withdrawal facilities for digital asset platforms.
For cryptocurrency users, the developments serve as a reminder to understand the risks associated with keeping digital assets on centralised exchanges.
Overall, Binance's processing of $4.65 billion in withdrawals and $1.01 billion in deposits demonstrates the scale of activity following the restoration of services. Although net outflows reached approximately $3.64 billion, the exchange says withdrawal activity is stabilising and that deposits remain substantial. The next phase of service restoration and the updated Proof of Reserves report will be important developments for users assessing the platform's recovery.
