Binance said it will resume the first phase of withdrawals on November 1, 2026, bringing back ETH and BNB Smart Chain withdrawals in a controlled rollout after finishing security assessments. The exchange says user funds are safe and that it will absorb the full financial hit from the stolen assets rather than pass losses to customers. Binance added that it has already covered roughly 95% of the impacted amount.
Which withdrawals are back
The restored routes cover Ethereum — USDC, USDT and ETH — and BNB Smart Chain — USDC, USDT and BNB. It's a phased return, not a full reopening, and Binance described the process as controlled. Deposits stayed open the whole time, which matters: users could still move funds in even while outflows on those chains were paused.
The 95% number and who pays
The headline commitment is that Binance eats the losses. No user haircut, no socialized loss pool. The exchange says it has already covered about 95% of the impacted amount from its own resources, leaving a remaining slice that it says it will also absorb. That's a stronger line than most exchanges have taken after a breach, and it's the detail users will be watching — the proof is in whether withdrawals actually clear without friction.
Why the record label matters
This is being described as the largest exchange hack on record. The market absorbed it without a cascading collapse, which is not nothing. In past cycles, a hit of this scale on a major venue has triggered contagion — lender blowups, frozen funds across counterparties, a broader confidence shock. That didn't happen here. Whether that's because of Binance's balance sheet, the market's structure, or plain luck is an open question, but the absence of a spiral is the story alongside the hack itself.
Recovery work continues
Binance says it's still working with partners and law enforcement on recovery efforts. The exchange didn't put a timeline on the remaining 5% or on when phase two of withdrawals would go live. For now, the concrete milestone is November 1: that's when users on ETH and BNB Smart Chain find out whether the phased process runs as smoothly as the announcement suggests.
