#BinanceProcesses$4.65BWithdrawals
Binance faced a significant withdrawal surge on November 1 after gradually restoring withdrawal services across 15 blockchain networks following its recent $6.3 billion security incident.
According to DeFiLlama data cited by Reuters, Binance recorded more than $3.5 billion in net outflows on Sunday.
Here are the important developments:
- Withdrawals resumed through a phased rollout.
- Bitcoin, Ethereum, BNB, XRP, DOGE and other assets were included.
- Binance reports that approximately 95% of affected assets have been replenished.
- The exchange says withdrawal volumes initially surged but are now stabilizing.
- Binance has reaffirmed that users will not bear the financial losses.
My take: The withdrawal surge shows that users want access to their funds after a major security incident. The bigger question now is whether Binance can restore confidence through transparency, security improvements and reliable services.
Is this a temporary precaution by users or a sign of declining trust in centralized exchanges?