Binance Sets a Deadline for Restoring Withdrawals
Binance has given itself until the end of next week to reopen every remaining withdrawal route, a target with no cutoff time and no list of what is still closed.
Key Takeaways
- Remaining withdrawals targeted for end of next week
- Notice gives no cutoff hour or closed-route list
- Binance says all $6.34 billion in losses covered
In its November 14 recovery update, Binance said it reopened withdrawals for 87 networks this week and will “aim” to reopen withdrawals for all remaining networks and assets “by the end of next week.”
The target closes out a recovery that began on October 29, when attackers drained about $6.3 billion from the exchange’s wallets and Binance froze deposits and withdrawals the same day. Withdrawals began returning on November 1, and Coindoo has been following how the reopening numbers compare with what customers can actually move since the first phase.
A deadline with no clock and no checklist
Counted from a Saturday notice, “the end of next week” points to the week of November 16, so roughly November 22. That is a reader’s arithmetic, not Binance’s: the announcement names no day, no hour and no timezone, and the verb is “aim,” not “will.”
The second omission matters more. Binance has not published a list of the networks and assets still waiting. Phase one named its assets, this week’s update names its 87 networks, but nothing names the remainder. An asset that appears on neither list is not confirmed closed and not confirmed open; it is simply unaccounted for in public.
Put the two gaps together and the deadline cannot be scored. When the target week ends, a customer will have no official document to hold against reality, because there is no agreed cutoff and no agreed list of what was supposed to reopen by it. Binance’s own answer to that is the network-status page: the live record of which asset works on which chain, updated as routes come back, is there rather than in any dated announcement.
What has reopened so far
The first phase on November 1 covered 15 assets, Bitcoin, Ethereum, Solana and XRP among them, chosen by Binance on the basis of user demand during the freeze. Further batches followed through the fortnight, and this week’s 87 networks include ADA, LTC, NEAR and XLM.
Each update describes what reopened in that period, not a running total. Bitcoin’s absence from this week’s list says nothing about Bitcoin; it was handled two weeks ago. The lists only add up when read in sequence.
Even read in sequence, 87 is a count, not a share. Binance restores withdrawals by network, and one asset can live on several networks while one network carries dozens of assets. Without a published total of supported asset-and-network pairs, nobody outside the company can say what fraction of the withdrawal service is back.
A small group of affected tokens sits outside the reopening entirely. Binance says it no longer supports them and will cover holders through its delisting process, so those tokens belong to a different queue and will not show up on any reopening list.
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The money is back; the plumbing isn’t
Two days before the withdrawal update, on November 12, Binance said it had completed coverage of the affected assets, committing more than $6.34 billion of its own funds. The money came from three pots: part of the Secure Asset Fund for Users (SAFU), the slice of its futures insurance fund sitting above the level Binance says its risk rules require, and the corporate treasury. Replacement tokens were bought on the open market and over the counter. Binance has also pledged to rebuild SAFU to roughly $1 billion, a promise that has not yet been reported as fulfilled.
Alongside the coverage notice came a proof-of-reserves snapshot taken at 00:00 UTC on November 12 and covering 198 tokens. Binance said the zero-knowledge proof that lets customers verify their own balance against the snapshot would take 40 to 50 hours to generate. That window closed at about 02:00 UTC on November 14; whether the proof is now live is visible on Binance’s proof-of-reserves page, not in the announcement.
Earlier milestones on the road to this week
Covering a balance and freeing it are different jobs. Binance replaced what was taken by buying the same tokens back, which is why account balances look whole; whether a customer can move that balance off the exchange depends on the network-by-network reopening, which runs on its own timetable. The two statements this week are true at the same time: the losses are covered, and some withdrawal buttons are still grey. US authorities have attributed the theft to North Korea, and the investigation into the stolen coins runs separately from either timetable.
Getting a withdrawal out once the route is open
A reopened route is permission to try, not confirmation of arrival. Binance warns that traffic during the rollout may slow processing, and its withdrawal-status guidance treats a transfer as a chain of handoffs, each of which can stall on its own. The table shows where to look when one does.
One check belongs before the request rather than after it. Because Binance reopens by network, an asset may come back on one chain before another, and a route being open on Binance says nothing about whether the destination accepts that asset on that chain. Sending on a network the receiving wallet or exchange does not support is the one failure in this sequence that no status page can undo.
The useful things to watch for around November 22 are a dated completion notice, a full list of the routes it covers, and whether “aim” hardens into a firm date or slips to another week. Until one of those appears, the authoritative answer for any single asset is the network-status page on the day you try, not the announcement that promised it.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
