Binance deposits are available, but withdrawals remain conditional
Replenishing assets and restoring withdrawals are two separate steps. Anyone who needs to move funds over the weekend should not assume that, because deposits are available and the platform has announced compensation arrangements, their account balance can already be transferred out at any time.
First, an update to yesterday’s status: Binance’s second security announcement, dated October 30, stated that deposits are available while withdrawals remain paused. They will resume in phases, once security checks are complete—not all assets and networks will be reopened at the same time.
The funding arrangements are also more specific than yesterday: Binance says it has set aside more than $6.34 billion in company funds. Of this, $5 billion is already held in the corresponding affected assets, while the remainder is still being sourced through market and over-the-counter channels. The company also clarified that these figures do not include approximately $3 billion in frozen assets. Those funds are still being recovered and should not be treated as already received.
Three things need to be considered separately: funds have been set aside; the corresponding assets are held; and the withdrawal system is secure and available. The first two indicate progress in replenishing assets, but they do not automatically achieve the third. The new announcement also said that additional points of intrusion had been found and the investigation was ongoing.
These are company disclosures, not proof that independent verification has been completed. Cointelegraph reported that Binance did not provide the relevant wallet addresses, citing security concerns; security firms interviewed still need more information to verify the $5 billion in corresponding holdings.
Over the next two days, I’ll check which assets and networks are actually reopened, whether withdrawals are arriving, and the results of the reserve proof scheduled for November 2. I’ll lower the risk assessment for fund availability only once operations have resumed consistently and asset coverage can be verified. If reopening is delayed, unusual outflows occur again, or disclosures do not match verifiable assets, I’ll raise the level of caution. Until then, it would be unwise to rely on the reopening timeline for funds you urgently need to transfer.
#币安 #AssetSecurity
Replenishing assets and restoring withdrawals are two separate steps. Anyone who needs to move funds over the weekend should not assume that, because deposits are available and the platform has announced compensation arrangements, their account balance can already be transferred out at any time.
First, an update to yesterday’s status: Binance’s second security announcement, dated October 30, stated that deposits are available while withdrawals remain paused. They will resume in phases, once security checks are complete—not all assets and networks will be reopened at the same time.
The funding arrangements are also more specific than yesterday: Binance says it has set aside more than $6.34 billion in company funds. Of this, $5 billion is already held in the corresponding affected assets, while the remainder is still being sourced through market and over-the-counter channels. The company also clarified that these figures do not include approximately $3 billion in frozen assets. Those funds are still being recovered and should not be treated as already received.
Three things need to be considered separately: funds have been set aside; the corresponding assets are held; and the withdrawal system is secure and available. The first two indicate progress in replenishing assets, but they do not automatically achieve the third. The new announcement also said that additional points of intrusion had been found and the investigation was ongoing.
These are company disclosures, not proof that independent verification has been completed. Cointelegraph reported that Binance did not provide the relevant wallet addresses, citing security concerns; security firms interviewed still need more information to verify the $5 billion in corresponding holdings.
Over the next two days, I’ll check which assets and networks are actually reopened, whether withdrawals are arriving, and the results of the reserve proof scheduled for November 2. I’ll lower the risk assessment for fund availability only once operations have resumed consistently and asset coverage can be verified. If reopening is delayed, unusual outflows occur again, or disclosures do not match verifiable assets, I’ll raise the level of caution. Until then, it would be unwise to rely on the reopening timeline for funds you urgently need to transfer.
#币安 #AssetSecurity