Binance co-CEO Richard Teng said in a video statement that the exchange is rebuilding its withdrawal service and will reopen it only after strict security testing is completed. The company is aiming to restore withdrawals before a Nov. 1 deadline.
Teng said Binance is also conducting a full security review covering end-user devices, cloud services, key management and trade-signing systems. He added that the exchange plans to release a complete proof-of-reserves, or PoR, report on Nov. 2, and hopes to publish preliminary data before then.
For now, deposit services on Binance have returned to normal, while withdrawals remain suspended. The update lays out both the exchange’s near-term operational target and the timeline for its reserve disclosure.
Binance co-CEO Richard Teng said in a video statement that the exchange is rebuilding its withdrawal service and will reopen it only after passing strict security tests. Binance is aiming to restore withdrawals before the Nov. 1 deadline, which falls on Sunday.
Teng said the company is carrying out a full security review of end-user devices, cloud services, key management and trade-signing systems. Binance plans to publish a full proof-of-reserves, or PoR, report on Monday, Nov. 2, and hopes to release preliminary data before that.
Deposit services on Binance have already resumed normal operations. Withdrawals remain suspended.
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