Binance’s withdrawal surge peaked early, with transaction volumes declining over the remainder of the reporting period. Incoming deposits partially offset customer withdrawals, suggesting tha
Binance processed $4.65 billion in customer withdrawals within nine and a half hours of reopening services on November 1, providing the first substantial measure of withdrawal demand following its multibillion-dollar security breach.
The exchange reported a sharp initial increase in transfers before activity declined, a pattern more consistent with customers clearing delayed withdrawal requests than an accelerating run on the platform.
According to Binance’s official statement, withdrawals resumed in phases at 06:00 UTC, with access restored to all 15 networks and assets included in the initial reopening phase by 12:36 UTC.
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.
Thank you for your patience and continued support.
— Binance (@binance) November 1, 2026
The exchange continued processing deposits throughout the period, although outbound transfers substantially exceeded incoming funds.
The exchange’s transaction data show that customer withdrawal demand was concentrated shortly after services resumed.
The busiest interval occurred between 08:00 and 08:30 UTC, when withdrawal volume reached its highest level of the reporting window.
Deposit activity peaked in the following half-hour, indicating that funds continued entering Binance even as customers transferred assets elsewhere.
The following breakdown summarizes the reported capital movements.
Post-Reopening Capital Flows Binance Withdrawal Activity November 1, 2026 | 06:00–15:30 UTC Gross withdrawals$4.649B Gross deposits$1.010B Net outflow$3.639B Peak 30-Minute Activity Withdrawals $733M 08:00–08:30 UTC Deposits $187M 08:30–09:00 UTC Source: Binance, November 1, 2026. Bars compare gross deposits with gross withdrawals. Figures reflect the specified reporting window.The timing of the transactions offers more insight into customer behavior than the total withdrawal figure alone.
A sustained run on an exchange would raise particular concern if withdrawals continued accelerating as more customers regained access to their assets.
Binance’s reported pattern was different. Activity rose sharply during the initial reopening period before falling to considerably lower levels.
The declining withdrawal curve is consistent with a front-loaded backlog of transfers rather than continuously escalating withdrawal pressure.
That interpretation has limits. Some networks and assets remained outside the initial reopening phase, and customers could still initiate additional transfers after the reporting window closed.
The data establish that the exchange processed substantial withdrawal demand without reporting another platform-wide suspension during the measured period. They do not establish that all customers seeking to withdraw had completed their transactions.
Incoming transfers provide a second measure of activity during the reopening.
Deposits offset approximately 21.7% of gross withdrawals, showing that customers and trading participants continued transferring assets onto Binance despite the disruption.
Such activity can reflect several different purposes, including collateral management, arbitrage, settlement requirements or ordinary trading.
The exchange’s figures do not identify which participants generated those deposits.
It would therefore be premature to attribute the inflows specifically to institutional market makers or interpret the withdrawals entirely as retail investors abandoning the platform.
The distinction matters because exchange flows measure transfers between wallets, not the motivations of the account holders initiating them.
A customer moving assets to self-custody, a trading firm reallocating collateral and an investor permanently exiting an exchange can produce similar outward transaction patterns.
Without account-level data, those activities cannot be separated reliably.
Binance compared the net withdrawal amount with approximately $171 billion in assets reported through its October 28 Proof of Reserves.
The resulting ratio was around 2.1%, a figure highlighted by co-founder Changpeng Zhao in his subsequent public comments.
However, total reported assets and immediately available liquidity are different financial measures.
Proof of Reserves generally provides evidence of specified cryptocurrency holdings at a particular point in time. It does not automatically establish the amount of unrestricted liquid capital available to satisfy withdrawals.
Different assets also carry different liquidity characteristics. Stablecoins and major cryptocurrencies can typically be transferred or sold more readily than smaller tokens with limited market depth.
Consequently, the reported percentage should be interpreted as a comparison with the exchange’s asset base, not a direct measure of its remaining liquidity buffer.
The distinction is particularly important after the security breach, which Binance estimated had an impact of approximately $6.3 billion.
The company previously said it would cover affected customer balances using corporate resources and its Secure Asset Fund for Users, or SAFU.
Restoring those balances and processing subsequent withdrawals are separate financial obligations.
Binance demonstrated substantial operational withdrawal capacity during the reopening, but that result alone cannot verify complete asset-liability coverage.
Binance said a new reserve snapshot was taken at 00:00 UTC on October 31, with zero-knowledge proof calculations underway.
The updated report was expected to become available on November 2.
That publication should provide additional information about the exchange’s reported asset backing after the breach.
Zero-knowledge proofs can help verify specified relationships between customer balances and assets without publicly revealing individual account information.
Their reliability nevertheless depends on the completeness of the liabilities included and the accuracy of the underlying records.
Binance is alsocontinuing to test the remaining networks and assets before expanding withdrawal access beyond the initial restoration phase.
The exchange’s early transaction data suggest that the most intense withdrawal demand was concentrated near the start of the reopening. The reserve update and subsequent withdrawal activity will provide a fuller picture of how customer balances and platform liquidity evolved after the attack.
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