Binance Issues Long-Awaited Statement: Withdrawals Have Partially Resumed – Here Are the Altcoins Now Available for Withdrawal

The exchange stated that deposit transactions were not affected by the security incident and continued as normal.

Which Altcoins Does Binance Now Allow Withdrawals?

According to a statement shared by Binance, withdrawals for select cryptocurrencies will be made available again in 15 different blockchain networks in the first phase.

Withdrawals are gradually being enabled on the following networks: Bitcoin ($BTC), Ethereum ($ETH, $USDT, and $USDC), $BNB Smart Chain ($BNB, $USDT, and $USDC), Tron (TRX and $USDT), and Solana ($SOL, $USDT, and $USDC).

In addition, withdrawals of the respective native cryptocurrencies on the $XRP, Zcash ($ZEC), Dogecoin (DOGE), and Sui (SUI) networks will be restarted.

$USDT and GRAM on the TON network; POL, $USDT, and $USDC on the Polygon network; AVAX, $USDT, and $USDC on the Avalanche C-Chain; and $ETH, $USDT, $USDC, and ARB on the Arbitrum network were also included in the first phase.

Withdrawals will be supported for $ETH and $USDC on the Base network, and for $ETH, $USDT, and $USDC on the Optimism network.

Binance announced that the withdrawal queue for cryptocurrencies is determined by user demand over the past week and will be activated after each network completes its security checks.

The exchange warned users that delays or temporary failures in transactions might occur in the initial hours due to high traffic. Networks and cryptocurrencies that are not yet open will be added to the system after security checks are completed.

Another significant development in Binance’s latest announcement is that its recovery rate for losses stemming from the $6.3 billion attack has risen to 95 percent.

In its previous update published on October 31, the stock exchange announced that this ratio had reached 90 percent.

According to the latest announcement, $BTC, $ETH, $USDT, $BNB, $SOL, $USDC, $XRP, USD1, RLUSD, and $ZEC assets are now all backed by 100% reserves.

The remaining 5% reportedly consists of altcoins with lower market liquidity.

Binance stated that it continues to purchase these assets through market transactions and over-the-counter (OTC) purchases, but the process may take longer due to low liquidity.

The 95% figure does not mean that the stolen cryptocurrencies have been recovered from the attackers. Binance is covering the losses in user accounts with its own reserves.

*This is not investment advice.