Binance (BNB) Opens Phase 2 Withdrawals as Exchange Outflows Slow

By Nodora News · 3 November 2026

Binance (BNB) began a second phase of crypto withdrawals on Nov 3 across nine networks, as daily net outflows slowed to $2.57B after the $6.3B hack.

Binance, the world's largest crypto exchange and the company behind BNB (BNB), started the second phase of its withdrawal restart at 04:00 UTC on Tuesday, Nov 3 (3:00 PM in Melbourne). More tokens on nine blockchain networks, including Ethereum, Solana, XRP Ledger and BNB Smart Chain, are being switched back on for withdrawal step by step. The move comes five days after the record $6.3 billion hack that froze the exchange, and as the rush of money leaving Binance shows signs of slowing.

Key takeaways

• Binance's phase two withdrawals began at 04:00 UTC on Nov 3 and are rolling out asset by asset.
• The networks named are BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base.
• Net outflows fell to about $2.57 billion on Monday from about $6.1 billion on Sunday, according to DefiLlama data cited by Cointelegraph.
• Fiat withdrawals now cover 28 currencies after USD, AED, VND, PHP and IDR were added on Nov 2.
• Binance warned users that anyone offering faster withdrawals for a fee is a scammer.

What happened: Binance reopens withdrawals for more assets

Binance announced the second phase in its sixth recovery update, posted to X at 02:30 UTC on Nov 3, about 90 minutes before the reopening began. The exchange said the restart would work the same way as phase one: each asset comes back online only after its security and readiness checks are finished, so not every token on a listed network becomes available at the same moment.

Reuters reported that the reopening covers more assets on the BSC, ETH, SOL, XRP and SUI networks, while only some assets on Arbitrum, Optimism, Tron and Base will resume at the same time. Binance said it chose which tokens to bring back first based on how much users asked to withdraw them over the past week. Deposits stayed open throughout.

Phase one began on Nov 1, when Binance restarted withdrawals for major coins across 15 networks after saying it had replenished about 95% of the stolen funds from its own balance sheet. We covered that first step in Binance (BNB) Restarts Withdrawals in Phases After $6.3B Hack.

The numbers: outflows are cooling

The first days after the reopening brought a wave of money leaving the exchange. Binance itself reported $3.64 billion in net outflows in the first hours of phase one, which we broke down in Binance (BNB) Sees $3.64B Net Outflows as Withdrawals Reopen. Tracking data now suggests that rush is easing:

• Sunday, Nov 1: about $6.1 billion in net outflows (DefiLlama, via Cointelegraph)
• Monday, Nov 2: about $2.57 billion in net outflows (DefiLlama, via Cointelegraph)
• Fiat: withdrawals in US dollars, UAE dirham, Vietnamese dong, Philippine peso and Indonesian rupiah reopened on Nov 2, joining 23 currencies such as EUR, JPY and BRL that were already available

"Net outflows" means withdrawals minus deposits. A falling number does not mean money has stopped leaving. It means the gap between what goes out and what comes in is shrinking, which is usually what an exchange wants to see after a crisis.

Why it matters for Binance users and the market

Binance is the biggest source of crypto trading liquidity in the world, so how quickly it returns to normal affects prices, spreads and confidence across the whole market. Every network that comes back online lets more users move funds to self-custody or other platforms if they choose, and also lets traders move money onto Binance again.

The phased approach is slower, but it is designed to reduce risk. The hack, which the FBI has attributed to North Korea's TraderTraitor group (a claim Pyongyang denies), drained Binance hot wallets, meaning wallets kept online for day-to-day payouts. Reopening in small steps lets the exchange watch each network for problems before adding the next one. Binance has also published an Oct 31 proof of reserves that users can verify themselves and has drawn down part of its SAFU emergency fund to cover losses.

Binance also flagged a scam risk. In a security reminder on Nov 2, it said fraudsters were impersonating the exchange through DMs, emails, group chats and even tiny transfers with messages attached, offering faster withdrawals, priority processing, help with compensation or a so-called "Binance vault". The exchange's message was blunt: anyone promising to speed things up for a fee is scamming you.

Market reaction: BNB and majors slip

Prices drifted lower as phase two began, in line with a broader risk-off mood ahead of the US midterm elections. OKX spot prices at the time of writing:

• BNB: about $697, down roughly 2.4% in 24 hours
• Bitcoin (BTC): about $76,900, down roughly 2.2%
• Ethereum (ETH): about $2,253, down roughly 2.4%

BNB has held close to the $700 mark through most of the recovery, which suggests holders have not rushed to sell the exchange's native token despite the size of the hack. You can track live prices on the Nodora charts page.

What to watch next

• Rollout progress: how many phase-two assets are actually live by the end of Nov 3, and whether Binance names a date for the remaining low-liquidity tokens.
• Daily flows: whether net outflows keep falling from Monday's $2.57 billion level once more networks reopen.
• Stolen funds: further moves of the hacked assets through bridges and mixers, and any freezes by stablecoin issuers or law enforcement.
• Regulators: follow-up from authorities such as South Korea's Financial Services Commission, which has already told local exchanges to keep more funds in cold storage.

This article is for information only and is not financial advice.

#BNB #Binance #Withdrawals #Exchange Hack #Crypto Exchanges

This article is general information, not financial advice.