Binance Resumes Withdrawals as Outflows Reach $3.64B
Binance recorded $3.64 billion in net outflows during the first 9.5 hours after it began restoring customer withdrawals on November 1. Withdrawals resumed in phases from 06:00 UTC, and by 12:36 UTC Binance said all 15 affected networks and assets were available again. DefiLlama separately estimated about $4.05 billion in net outflows over a 24-hour period.
The withdrawals followed a reported $6.3 billion hot-wallet security breach. Binance said it had replaced 95% of affected assets using company reserves and its Secure Asset Fund for Users (SAFU), while working with blockchain partners to trace or freeze the stolen funds; around $3 billion was reportedly frozen. The remaining 5%, mainly less-liquid tokens, could take longer to replace. The outflows represented about 2.1% of Binance’s reported $171 billion in assets. Withdrawals may indicate users are moving funds off Binance amid security concerns, but do not by themselves show that customers are selling. The incident also coincided with Bitcoin falling below $77,000, about $1.53 billion in crypto liquidations and an 8% decline in BNB. Traders may watch Binance outflows, recovery updates and market liquidity for signs of continuing stress.
Bearish
The news is bearish for BNB in the short term. The reported security breach, substantial withdrawals and an 8% BNB decline point to weakened confidence and potential selling pressure. Even though Binance said most affected assets had been replaced and all affected networks and assets were available again, traders may remain cautious until recovery efforts and exchange flows show sustained improvement. The outflows do not prove that customers sold their holdings, and they were a limited share of Binance’s reported assets, which may help contain the immediate impact. Over the longer term, successful recovery and restored user confidence could reduce pressure on BNB; further outflows or doubts about security could prolong the negative sentiment.