Binance co-CEO and co-founder He Yi said in a post on X that the exchange’s immediate priority is to ensure a safe environment, after which users will be able to withdraw funds and Binance will be able to resume operations. In the same post, she said every action has a motive and referred to some exchanges, P2P platforms, and commercial banks that allegedly absconded with funds, arguing that opaque ledgers leave users unable to verify how much money actually remained in accounts or where the funds went after websites were shut down. She added that such closures often come without warning, with the entities disappearing directly, offering no real operations, no explanation of what happened, and no chance for withdrawals to reopen. Binance had previously paused withdrawals because of a security incident. On Nov. 1, the company said it had started restoring withdrawals in phases from 06:00 UTC. By 12:36 UTC, withdrawals for the first 15 networks and related assets had been restored. Binance also said that between 06:00 and 15:30 UTC that day, the platform processed $4.649 billion in withdrawals and $1.01 billion in deposits, for net outflows of about $3.64 billion, equal to roughly 2.1% of the $171 billion in assets under management shown in its proof-of-reserves snapshot as of Oct. 28.
Binance co-CEO and co-founder He Yi said in a post on X that the exchange’s top priority is to ensure a safe environment. After that, users will be able to withdraw funds and Binance will be able to resume operations.
She wrote that every action has a motive, and pointed to some exchanges, P2P platforms, and commercial banks that absconded with funds. According to her post, opaque ledgers at such entities leave users with no way to know how much money was actually in accounts or where the funds went after websites were shut down, liquidation began, or bankruptcy was declared under any given pretext.
He Yi also said these shutdowns often come without warning. The entities disappear directly, she said, with no real operations, no one stepping forward to explain what happened, and no possibility of reopening withdrawals. She thanked users for their support at the end of the post.
Binance had already disclosed phased withdrawal recovery
Binance had previously suspended withdrawals because of a security incident. On Nov. 1, the exchange said it had begun restoring withdrawals in phases starting at 06:00 UTC that day.
By 12:36 UTC, withdrawals for the first 15 networks and their related assets had been restored. Binance said that from 06:00 to 15:30 UTC on the same day, the platform processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in net outflows of about $3.64 billion. The company said that figure was about 2.1% of the $171 billion in assets under management shown in its proof-of-reserves report as of Oct. 28.
Binance also said withdrawal volume spiked early, then eased and stabilized, while deposit volume remained sizable. Testing for the remaining networks and assets is still ongoing, and details for later phases will be announced separately.
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