Cryptocurrency exchange Binance has initiated a phased restoration of user withdrawals following a recent security incident. The company reported that it began reopening withdrawal services at 0600 GMT on Sunday, successfully restoring operations across 15 networks and assets within six and a half hours.
According to a statement released on the platform X, Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits between 0600 GMT and 1530 GMT on Sunday. This activity resulted in a net outflow of approximately $3.64 billion, which the exchange noted represents 2.1 percent of its total assets under management, based on reserve data from October 28.
Binance characterized the market conditions as stable and observed that while withdrawal volumes spiked initially, they have since declined and are stabilizing as expected. Meanwhile, the exchange noted that deposit volumes have remained substantial throughout the process.
Technical teams at the platform are currently testing the remaining networks and assets to prepare for the next phase of service restoration. Additionally, Binance announced that it will publish an updated proof-of-reserves report on Tuesday, based on a snapshot taken on October 31, following the completion of necessary cryptographic calculations.
