Binance Reopens Withdrawals After Hack and Pledges to Cover Losses

Binance has reopened withdrawals after a major security breach and says it will reimburse affected customers, pairing restored access with a plan to cover losses through its user-protection fund.

Binance said it would use SAFU, its user-protection fund, to replace affected customer funds. The exchange paused withdrawals immediately after the breach and said access would return within 48 hours; withdrawals have now resumed. Binance also pledged to cover all losses tied to the incident.

The exchange is buying back missing assets through its over-the-counter desk. It released a new proof-of-reserves report comparing customer balances with tokens held by Binance, and presented the disclosure as reassurance about asset security.

Binance is one of the world’s largest cryptocurrency exchanges, facilitating a broad range of digital-asset transactions and services. The exchange saw steady inflows despite the incident, while broader crypto markets showed mixed momentum across major assets. The hack was described as among the largest in crypto history.