Binance begins second withdrawal phase, exchange outflows slow

Binance plans to begin a second phase of cryptocurrency withdrawals on Tuesday, as data show withdrawal volumes have started to stabilize following last week's $6.3 billion hack.

Withdrawals for additional assets are scheduled to resume progressively from 04:00 UTC on Tuesday, according to Binance's latest recovery notice. The rollout follows an initial reopening on Nov. 1.

"Like phase one, reopening will roll out progressively across the assets as security and readiness checks are completed," said Binance.

The exchange said it was prioritizing tokens based on user demand over the past week. Deposits remain available.

Networks part of the second phase of withdrawals include Binance Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base, according to Binance.

Binance's list of assets planned for withdrawal. Source: Binance

On Monday, Binance said it also reopened withdrawals for several fiat currencies, including the US dollar, United Arab Emirates dirham, Vietnamese dong, Philippine peso and Indonesian rupiah, adding to a list of 23 other currencies already available for withdrawal.

Binance exchange outflows slow

Data from DefiLlama shows outflows from the crypto exchange have slowed since Sunday, with net outflows on Monday at $2.57 billion, compared to $6.1 billion the day before.

In a separate security reminder, Binance warned that scammers could exploit the phased reopening by impersonating the exchange and offering accelerated withdrawals, sell priority processing, help users claim compensation or direct them to move assets into a purported "Binance vault," the exchange said.

"Anyone promising to expedite it for a fee is scamming you," Binance said.