Binance Targets Nov. 1 Withdrawal Restart After 90% Recovery

Binance says it has replaced about 90% of the funds stolen in a $6.3 billion cryptocurrency breach and is targeting Nov. 1 to resume customer withdrawals.

The recovery figure is up from about 80% in Binance’s previous update. The exchange said the remaining gap is mainly in less-liquid tokens that take additional time to buy on the market or through over-the-counter transactions.

Binance also said customer balances in 10 cryptocurrencies are fully backed: Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD and Zcash (ZEC). The company plans to acquire the remaining tokens and restore full backing across affected assets.

Binance has allocated about $6.34 billion from its Secure Asset Fund for Users, Futures insurance fund and corporate treasury to cover the losses. Binance published an Oct. 31 proof-of-reserves snapshot; cryptographic verification is expected to take 40 to 50 hours and finish by Nov. 3.

Restoring withdrawals remains Binance’s immediate priority. The exchange says it remains on track to reopen them Sunday, Nov. 1, and expects to provide further confirmation.