After several days of complete lockdown following the most massive hack in its history, Binance has announced the gradual resumption of withdrawals starting this Sunday, November 1st. The news comes as a relief to millions of users left in limbo.
The platform is proceeding in phases, subjecting each asset and each network to strict security checks before restoring access. Bitcoin, Ethereum and Solana are among the first to benefit from this reopening.
But behind the reassuring announcement, serious questions about Binance’s operational resilience remain unanswered. Here is what we know.
A Phased, Gradual Return
Binance confirmed that the first phase of withdrawal resumption would begin between 06:00 and 09:00 UTC this Sunday, November 1st. The exchange stated that access would be restored progressively, as each asset and network clears internal security checks. Temporary delays are to be expected, including for assets included in this first wave.
Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) are kicking things off — three of the most liquid and most in-demand assets on the platform. This choice is no coincidence: by prioritizing high-volume cryptocurrencies, Binance is looking to minimize pressure on its liquidity while reassuring its broadest user base. Lower-cap altcoins are expected to follow in subsequent phases, with no precise timeline communicated at this stage.
The Hack That Froze Everything: What We Know
The incident behind this suspension has been described as a record-breaking hack by Binance itself — a rare admission from an exchange that has historically downplayed its security incidents. Full technical details have not yet been publicly disclosed, but the decision to freeze all withdrawals for several days speaks to the severity of the situation.
In this context, CZ reportedly raised the possibility of using Binance‘s stake in SpaceX — valued at approximately $1 billion — to cover any losses stemming from the hack. A statement that underscores the potential scale of the damage, but also the exchange’s stated commitment to guaranteeing the solvency of the platform for its users.
What Impact on Markets and User Confidence?
The extended withdrawal suspension on the world’s largest exchange by volume generated palpable tension across markets. Market sentiment deteriorated within hours of the hack announcement, with increased selling pressure on BTC and ETH as traders rushed to secure their positions in non-custodial wallets or on competing platforms.
The resumption of withdrawals should mechanically ease that pressure and stabilize sentiment in the short term. However, institutional and retail confidence in Binance will be put to the test in the weeks ahead. Users are now expecting a detailed post-mortem report covering the attack vector, any potentially compromised funds, and the corrective measures deployed — all of which will be decisive for the platform’s long-term reputation.
