Binance Resumes Phase 1 Withdrawals Today: Network and Coin Status Update

Binance Resumes Withdrawals After Two-Day Halt

Binance announced on June 1st that it is preparing to resume its first phase of withdrawal services between 2:00 PM and 5:00 PM Taipei time today. This initial phase will allow withdrawals for cryptocurrencies on the following networks.

The exchange stated that Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD, and Zcash (ZEC) are now fully backed with 100% reserves. Users can verify the reserve snapshots on the Proof of Reserves page.

Binance co-founder He Yi reminded users to rely solely on official Binance channels for information and to avoid clicking unofficial links or disclosing account details to anyone. A previous advisory from the publication also cautioned that any unsolicited offers of compensation from Binance should be treated as a scam.

The exchange had previously stated that stolen assets had been replenished by 80%, with withdrawals expected to resume in stages within approximately 34 hours. The FBI has identified North Korea as responsible for the $630 million Binance theft and has urged the industry to collaborate in blocking associated money laundering addresses.

Binance’s withdrawal services were halted for over two days. The company initially attributed the issue to a “very complex, multi-pronged attack” and stated it would use its own funds to cover losses. Later, it indicated that the breach was not limited to an engineer’s laptop and that both the SAFU fund and company capital would be used to cover all losses. Binance also announced that deposits were functioning normally and that withdrawals were expected to be restored within 48 hours, later revising this to within 40 hours, with a Proof of Reserves (PoR) report due on Monday.