Key Points:
- Second Withdrawal Phase Scheduled: Binance plans to progressively reopen withdrawals for additional cryptocurrency assets from 04:00 UTC on Tuesday, following its initial restoration on November 1.
- Outflows Moderate: DefiLlama data shows net outflows declined to $2.57 billion on Monday, compared with $6.1 billion the previous day.
- Scam Warnings Issued: Binance has cautioned users against fraudulent services promising faster withdrawals, priority processing or compensation in exchange for fees or asset transfers.
Binance is preparing to expand cryptocurrency withdrawal access as it continues recovering from last week’s $6.3 billion security breach. The exchange announced a second restoration phase beginning Tuesday, while blockchain analytics data indicates that customer outflows have slowed from their initial surge following the reopening of withdrawal services.
The developments mark another stage in Binance’s operational recovery, with the exchange gradually restoring access to additional digital assets and fiat currencies while emphasizing security checks and warning customers about scams targeting affected users.
Binance Expands Cryptocurrency Withdrawal Availability
The second phase of Binance’s withdrawal restoration is scheduled to begin progressively from 04:00 UTC on Tuesday, according to the exchange’s latest recovery notice.
The rollout follows the initial reopening on November 1. Binance said additional assets would become available as security and readiness checks are completed, with the restoration schedule determined partly by withdrawal demand observed over the preceding week.
Networks included in the second phase are BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base.
The exchange emphasized that availability would not necessarily return simultaneously across all supported assets. Instead, each asset and network combination will be restored progressively once the required checks have been completed.
Deposits remain available during the process, allowing users to continue transferring supported assets into the exchange while withdrawal access is expanded.
Fiat Currency Withdrawals Also Reopened
Alongside the cryptocurrency restoration, Binance has expanded access to fiat currency withdrawals.
On Monday, the exchange confirmed that withdrawals had reopened for several additional currencies, including the US dollar, United Arab Emirates dirham, Vietnamese dong, Philippine peso and Indonesian rupiah.
These currencies were added to a list of 23 other fiat currencies that were already available for withdrawal.
The gradual restoration of both cryptocurrency and fiat services represents a broader effort to normalize account functionality following the security incident. The phased approach also allows Binance to manage operational requirements across different payment channels and blockchain networks.
Exchange Outflows Show Signs of Moderation
Data from DefiLlama indicates that net outflows from Binance declined on Monday, suggesting that the initial withdrawal surge has begun to ease.
The exchange recorded approximately $2.57 billion in net outflows on Monday, compared with $6.1 billion on Sunday.
Although withdrawals remain substantial, the decline represents a moderation in the pace of funds leaving the platform following the initial reopening.
The figures provide an early indication of changing customer activity, but they do not independently establish whether confidence in the exchange has fully recovered. Withdrawal patterns may continue to evolve as additional assets become available and customers regain access to their funds.
The coming stages of the restoration process will therefore provide further insight into how users respond to Binance’s recovery efforts.
Binance Warns Users About Withdrawal Scams
Binance has also issued a security warning as scammers attempt to exploit uncertainty surrounding the phased withdrawal schedule.
The exchange said fraudulent actors may impersonate Binance representatives or offer services claiming to accelerate withdrawal processing. Other reported tactics include promises of priority access, assistance with compensation claims and instructions to transfer assets into a purported Binance vault.
Binance specifically warned users against paying fees to anyone claiming they could expedite withdrawals.
The warning highlights an additional security risk following the breach. Customers waiting for access to their assets may be more vulnerable to fraudulent communications that imitate official exchange announcements or exploit concerns about withdrawal delays.
Users should rely on Binance’s official communication channels and avoid transferring funds or sharing account information with individuals promising special treatment.
Outlook
Binance’s second withdrawal phase represents another step toward restoring normal exchange operations following the $6.3 billion hack. The decline in daily net outflows suggests that the initial wave of withdrawals has moderated, although continued monitoring will be necessary as more assets and payment channels become available. The exchange’s ability to complete the restoration securely, maintain transparent communication and protect customers from follow-on scams will remain central to its recovery and the rebuilding of user confidence.
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