Binance Opens Phase 2 Withdrawals on 9 Networks as Net Outflows Drop to $2.57B
Author: Crypffalo Research · 12:55 03/11/2026
Binance began a second withdrawal phase at 04:00 UTC on Nov 3 across nine named networks including Ethereum, Solana and Tron, while DefiLlama data shows net outflows slowed to $2.57 billion on Nov 2 from $6.1 billion a day earlier.
Binance started its second phase of withdrawal reopenings at 04:00 UTC on Nov 3 (11:00 GMT+7). It is the next step in the exchange's recovery from the roughly $6.3 billion hot-wallet hack on Oct 29.
The named networks are BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base. Meanwhile, DefiLlama data shows net outflows easing from about $6.1 billion on Nov 1 to $2.57 billion on Nov 2.
Key takeaways
- Phase 2: Live from 04:00 UTC on Nov 3, rolling out asset by asset as security checks clear.
- Named networks: BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron, Base.
- Flows: Net outflows fell from about $6.1 billion (Nov 1) to $2.57 billion (Nov 2), per DefiLlama.
- Fiat: Binance reopened withdrawals in USD, UAE dirham, Vietnamese dong, Philippine peso and Indonesian rupiah.
- Regional response: South Korea told local exchanges to keep more assets in cold storage.
What phase 2 covers
Binance said assets are prioritized by user withdrawal demand over the past week. As in phase one, each network and asset reopens only after security and readiness checks are complete.
Deposits remain open throughout. The exchange warned that heavy traffic could delay some withdrawals.
Phase one ran on Nov 1 across 15 networks and assets. In the first 9.5 hours, Binance reported about $4.65 billion in withdrawals and $1.01 billion in deposits, a net outflow of about $3.64 billion, or 2.1% of its $171 billion in assets.
Binance repeated that it will bear the full financial impact of the stolen funds. It also warned users against offers of paid "accelerated withdrawals," "compensation" or a "Binance vault," calling them scams.
Outflows are slowing
According to DefiLlama's centralized exchange dashboard, Binance saw roughly $6.1 billion in net outflows on Nov 1. That figure dropped to $2.57 billion on Nov 2.
Reported outflow figures vary with the measurement window. The $3.64 billion number covers only the first 9.5 hours, while $6.1 billion is DefiLlama's full-day reading.
The slowdown suggests the first rush to exit has largely passed. Still, phase two adds major networks such as Ethereum, Solana and Tron, so flows over the next day or two are worth watching.
South Korea tightens cold storage, North Korea denies role
South Korea's Financial Services Commission (FSC) held an emergency meeting on Nov 2 with supervisors and major exchanges. It reviewed system access controls, withdrawal approval and signing procedures, and administrator privileges.
Korean rules already require exchanges to hold at least 80% of customer crypto in cold wallets. End-September ratios:
- Upbit: 99.17%
- Bithumb: 94.76%
- Coinone: 85%
- Digital X (formerly Korbit): 82.79%
- GOPAX: 80.54%
Separately, North Korea denied any involvement through state media KCNA, calling the US claims "absurd rhetoric." The statement offered no evidence, while the FBI, TRM Labs and Chainalysis have all tied the attack to North Korean hackers.
What it means for crypto markets
Bitcoin is trading around $77,000, still struggling to recover after slipping below that level on Oct 30. Traders are watching whether wider withdrawals add fresh selling pressure.
- Bull case: Net outflows keep falling as major networks reopen, signaling confidence in Binance's solvency and helping sentiment stabilize.
- Risk case: Reopening Ethereum, Solana and Tron sparks a new wave of withdrawals, or fresh details on the hack emerge, weighing on BNB and the broader market.
South Korea's response hints that the hack could drive stricter custody rules in more jurisdictions. That supports long-term safety but may raise exchanges' operating costs.
What to watch next
- The full phase 2 asset list and timing for a third phase.
- Net outflow readings for Nov 3 and Nov 4 on DefiLlama.
- US midterm results and this week's jobs report on the economic calendar.
- Liquidation swings as markets react, via real-time liquidations.
Frequently Asked Questions
Can I withdraw from Binance now?
It depends on the asset and network. Phase 2 is rolling out across the nine named networks, so check the Binance app directly.
Is there a way to speed up my withdrawal?
No. Binance says anyone offering faster withdrawals for a fee is running a scam.
Will users bear losses from the hack?
Binance says it will absorb the full financial impact, so customers will not cover the losses.
*This content is for information only and is not financial advice.*
Tags: Binance, Hack, Withdrawals, South Korea
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