Binance Launches Second Phase of Withdrawals as Outflow Slows to $2.57 Billion

Binance plans to begin the second phase of cryptocurrency withdrawals on Tuesday: data shows that withdrawal volumes have stabilized after the $6.3 billion hack last week. Additional assets will be gradually opened from 04:00 UTC, according to the latest exchange notification. This is a continuation of the first phase, which started on November 1.

"As in the first phase, the opening will gradually extend to assets as security checks and readiness are completed," said Binance. Priority is given to tokens based on user demand over the past week. Deposits remain available. The second phase involves the Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron, and Base networks.

Fiat currencies and outflow

On Monday, Binance also resumed withdrawals of several fiat currencies: the US dollar, UAE dirham, Vietnamese dong, Philippine peso, and Indonesian rupiah – in addition to 23 other currencies that were already available.

According to DefiLlama, the outflow from the exchange slowed down from Sunday: on Monday, the net outflow was $2.57 billion compared to $6.1 billion the day before.

Warning about scammers

In a separate security reminder, Binance warned that scammers might exploit the phased opening of withdrawals: impersonating the exchange, offering expedited withdrawals, selling priority processing, promising assistance in obtaining compensation, or persuading to transfer funds to a supposedly existing "Binance vault." "Anyone who promises to expedite the process for a fee is deceiving you," the exchange stated.