Binance withdrawals should start coming back within two days, according to the exchange's co-CEO. In a "Service Update" posted on X at 04:17 UTC on 30 October, Yi He said: "We expect to begin
Binance withdrawals should start coming back within two days, according to the exchange's co-CEO. In a "Service Update" posted on X at 04:17 UTC on 30 October, Yi He said: "We expect to begin resume withdrawal services in the next 48 hours." She also said that "deposits remain unaffected and continue to operate as normal." That is the first reopening timeline since Binance halted withdrawals at 22:15 UTC after the $6.3 billion hack.
Taken at face value, the window means customers could be locked out of withdrawals for up to about 54 hours in total. In return, Binance gets time to rebuild the system the attacker used.
Update, 04:36 UTC: Binance's main account confirmed the timeline: "Withdrawals remain paused while our team completes a security revamp of the withdrawal service and its related addresses. We expect to resume within 48 hours." It repeated that deposits "remain unaffected and continue to operate as normal."
Yi He said the team is "working on enhancements to the withdrawal service and related address controls." That wording lines up with Binance's own account of the breach. Its initial investigation found that a compromised DevOps engineer's laptop gave an attacker access to a service container that could "submit unauthorized withdrawal transactions." Binance said it had already "revoked the affected address authorisation."
On-chain, the drain ran through an EIP-7702 delegation that let an attacker-deployed contract act for a Binance hot wallet. Fixing "address controls" in that setting means more than rotating a password. Binance has to confirm that every hot wallet is clear of foreign delegations and that the service allowed to request withdrawals can no longer be reached from an engineer's machine. A 48-hour target suggests Binance expects that to be a rebuild, not a patch.
The update also conflicts with Binance's earlier statements. At 00:13 UTC the exchange said "all deposits and withdrawals are temporarily suspended." Its 02:25 UTC investigation update again listed "temporarily suspended deposits and withdrawals" among its precautions. Yi He now says deposits "remain unaffected and continue to operate as normal." Either deposits were quietly restored in the past two hours, or the earlier suspension was narrower than stated. Binance's main account has not clarified which.
For brokers and institutional clients, the order matters. An exchange that accepts deposits while withdrawals are frozen is taking on new exposure from customers who cannot yet leave. That is defensible if reserves are intact, which Binance says they are, but it puts more weight on the promised "cover all losses" pledge and on the updated Proof of Reserves the exchange says it will publish after remediation.
A staged reopening is the most likely shape. Exchanges recovering from wallet incidents usually restart withdrawals network by network, starting with the chains where hot-wallet controls have been rebuilt and checked, and often with lower limits at first. Clients should expect queues and delays for large withdrawals even after the first networks come back.
BNB traded at $716.15 at 04:24 UTC, down 4.2% in 24 hours, according to CoinGecko. It was down more than 8% before Binance disclosed the cause and funding source of the loss. Bitcoin was at $78,120, down 2.1%. About $3 billion of the $6.3 billion is frozen, a figure that has risen steadily through the night. The roughly $3.3 billion gap will be covered from the SAFU fund and company funds.
The contrast with Bybit remains. Bybit kept withdrawals open through its $1.5 billion breach in February 2025. Binance has chosen to stay closed until the system is rebuilt, a defensible choice when the attack path ran through the withdrawal service itself.
The 48-hour window runs to about 04:17 UTC on 1 November. The signals to watch before then are a confirmation from the main @binance account, a staged reopening by network or asset, and the Proof of Reserves. Binance's first statement on the incident was edited twice in 13 minutes, so the gap between executive posts and corporate notices is worth watching too. No government agency or regulator has commented publicly. FinanceFeeds will update this coverage as official information arrives.
