Federal Reserve and OCC Contact Banks After Binance Security Incident

The Federal Reserve and the Office of the Comptroller of the Currency contacted banks Monday, Nov. 2, to ask whether they had seen unusual activity or service disruptions tied to Binance’s Oct. 29 security incident.

The incident affected about $6.34 billion in digital assets. About $2.85 billion had been frozen or intercepted by the time the incident report was released.

Bank teams are assessing the incident and checking their systems to determine whether they could withstand similar threats. A cybersecurity team at a large U.S. bank contacted Binance within hours of the incident. Binance said it shared its public incident report with all banking partners and had found no vulnerabilities affecting those partners.

In April 2025, the Federal Reserve ended a requirement that state member banks notify regulators before conducting crypto activities. The central bank said it would continue oversight through its regular supervisory process. The change removed an advance-notice step while leaving federal supervision in place.