Cryptocurrency exchange, Binance has stated it has processed 4.65 billion dollars in withdrawals and 1.01 billion dollars in deposits resulting in a net outflow of approximately 3.64 billion dollars. Binance also stated that withdrawal volumes had declined and were stabilising after an initial spike, while deposit volumes remained substantial. It added that market conditions were stable and testing of the remaining networks and assets continued.
In a detailed statement, Binance said, “Binance began restoring withdrawals in phases at 06:00 UTC on November 1, 2026. By 12:36 UTC, withdrawals had resumed for all 15 networks and assets in the initial phase. After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial.
Between 06:00 and 15:30 UTC on November 1, we processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion. This represents 2.1% of our $171 billion in total assets under management (AUM), based on the latest available Proof of Reserves (PoR) data as of October 28, 2026. A new PoR snapshot was taken at 00:00 UTC on October 31, and zero-knowledge proof (ZKP) computation began. The updated report is expected to be available on our PoR website tomorrow.
Our team continues testing rigorously the remaining networks and assets. We know how important safe and reliable access to your funds is and will share details of the next phase as soon as we can. Rest assured that market conditions are stable.”
According to blockchain intelligence firm TRM Labs, most of the funds were transferred within approximately 20 minutes, beginning shortly after 8 pm UTC on Thursday, October 29. The incident has raised questions about the security of cryptocurrency exchanges, particularly the safeguards governing withdrawal authorisations, wallet access and the transfer of digital assets.
Binance Processes $4.65 Billion In Withdrawals After Resuming Services, Net Outflow Stands At $3.64 Billion
