Just days earlier, Binance suffered a reported $6.3 billion security breach that forced the exchange to temporarily suspend withdrawals. The phased reopening was therefore more than a technical recovery. It was also a test of whether users still trusted the platform with their assets.
But there's another side to this.

Binance says the $3.64 billion net outflow represents approximately 2.1% of its $171 billion in assets. It also reported that withdrawal volumes began stabilising after the initial surge, while deposits remained substantial.

So, billions leaving an exchange sounds alarming, but it doesn't automatically mean the platform is facing insolvency or a bank-run scenario.

Some users may simply be moving funds into self-custody after the security incident. Others may be reallocating capital to different platforms.

The real indicators to watch now are sustained net outflows, deposit activity, liquidity conditions and Binance's updated proof-of-reserves disclosure.

The hack tested Binance's security infrastructure. The withdrawal surge is testing something equally important: user confidence.

And in crypto, rebuilding trust can take considerably longer than reopening a withdrawal button.
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