Binance officially began the second phase of crypto asset withdrawals on Tuesday starting at 04:00 UTC, following an initial reopening on Nov. 1 in the wake of a $6.3 billion hack. This subsequent phase expands asset withdrawal access for exchange users after the platform restricted operations due to the incident.
Notably, this expanded withdrawal access coincided with easing capital outflow pressure from the platform.
Outflow Pressure Eases to $2.57 Billion
DefiLlama data shows that net outflows from Binance slowed significantly to $2.57 billion on Monday. That figure dropped sharply compared to the previous day’s withdrawals of $6.1 billion, reflecting a decline in the volume of funds leaving the exchange.
Amid the shrinking outflows, user deposit activity remained uninterrupted. Deposit services on Binance continued operating as usual.
Which Networks Have Been Reactivated
The nine blockchain networks reactivated in phase-two withdrawals include BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron, and Base. Asset withdrawals are being rolled out gradually, prioritizing tokens based on strong user demand over the past week.
Beyond crypto assets, Binance also reopened withdrawals for several fiat currencies across various jurisdictions. Users can now withdraw balances in Indonesian rupiah (IDR), US dollars (USD), UAE dirhams (AED), Vietnamese dong (VND), and Philippine pesos (PHP). The addition of these five options complements the 23 fiat currencies already available to exchange users.
Three Scam Schemes to Watch Out For
Alongside the ongoing withdrawal process, Binance issued a security warning urging users to stay vigilant against a surge in scams. The exchange asked customers to be cautious of bad actors taking advantage of transaction queues.
The warning highlighted scams offering paid expedited withdrawal services, fake compensation assistance, and instructions to transfer funds to fraudulent exchange vaults. These schemes target users seeking ways to withdraw their balances faster without waiting in the queue.
For customers still waiting for their turn to withdraw tokens, sticking to official exchange channels is the safest course of action. Paying third parties to expedite withdrawals or transferring assets to fake vault addresses only increases the risk of losing funds.
Reported via Cointelegraph.
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Previously: Binance Reopens Bitcoin Withdrawals After $6.3 Billion Breach - Reserves Recover to 95%
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
