Binance Begins Second Withdrawal Phase as Exchange Outflows Slow

TLDR

• Binance began a second phase of crypto withdrawals from 04:00 UTC on Tuesday.
• The move follows last week’s $6.3 billion hack and an initial reopening on Nov. 1.
• Phase two covers networks such as Ethereum, Solana, XRP Ledger, Tron and Base.
• Net outflows fell to $2.57 billion on Monday from $6.1 billion on Sunday, per DefiLlama.
• Binance warned users about scammers offering faster withdrawals for a fee.

Binance is set to begin a second phase of cryptocurrency withdrawals on Tuesday. The move comes as data shows withdrawal volumes have started to stabilize after last week’s $6.3 billion hack.

According to the exchange’s latest recovery notice, withdrawals for more assets will resume step by step from 04:00 UTC on Tuesday. The rollout follows an initial reopening of withdrawals on Sunday, Nov. 1.

Binance said the second phase will follow the same approach as the first. Each asset will reopen once its checks are done, rather than all at once.

“Like phase one, reopening will roll out progressively across the assets as security and readiness checks are completed,” Binance said.

The exchange said it is choosing which tokens to reopen first based on user demand over the past week. Deposits remain open on the platform.

Networks Included in Phase Two

Binance listed the blockchain networks that are part of the second withdrawal phase. They include Binance Smart Chain, Ethereum, Solana, XRP Ledger and Sui.

The list also covers Arbitrum, Optimism, Tron and Base. Binance shared a list of the specific assets planned for withdrawal on these networks.

On Monday, the exchange also reopened withdrawals for several fiat currencies. These include the US dollar, the United Arab Emirates dirham, the Vietnamese dong, the Philippine peso and the Indonesian rupiah.

These five currencies join a list of 23 other fiat currencies that were already available for withdrawal. That brings the total number of fiat currencies open for withdrawal to 28.

In a separate security reminder, Binance warned users about scams tied to the phased reopening. The exchange said scammers could pretend to be Binance and offer faster withdrawals.

Binance said scammers may also try to sell priority processing or offer help claiming compensation. Others could tell users to move their assets into a so-called “Binance vault.”

“Anyone promising to expedite it for a fee is scamming you,” Binance said.

Exchange Outflows Slow

Data from DefiLlama shows outflows from Binance have slowed since Sunday. Outflows measure the amount of funds users move off the exchange.

Net outflows on Sunday, the day withdrawals first reopened, reached $6.1 billion. That figure came close to the $6.3 billion lost in last week’s hack.

On Monday, net outflows dropped to $2.57 billion. That means Monday’s net outflows were less than half of Sunday’s total.

The slowdown came one day before the second phase of withdrawals was scheduled to start. More assets are set to reopen progressively from 04:00 UTC on Tuesday as Binance completes its security and readiness checks.

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