Binance reopens USDT, USDC, ETH, BNB withdrawals as President Trump weighs in - Crypto News

The cryptocurrency exchange confirmed on November 1 that customers can now transfer USDT, USDC and ETH on Ethereum, while BNB Smart Chain supports USDT, USDC and BNB. This follows Bitcoin's reopening earlier Sunday, marking the beginning of Binance's phased restoration of services after nearly three days of restrictions following the massive hack.

Phased Recovery Process

Binance had scheduled the first recovery window between 06:00 and 09:00 UTC on November 1, initially identifying 15 networks for restoration. Access depended on each network completing its security assessment. Bitcoin was the first cryptocurrency to become available, with stablecoin transfers now restored across Ethereum and BNB Smart Chain.

Customers can now transfer their stablecoin holdings through these two supported networks, though other withdrawal routes remain closed while security teams complete their checks. The exchange has not disclosed transaction volumes following the reopening and has yet to announce when the remaining networks will reopen.

Asset Recovery Progress

Before restoring stablecoin withdrawals, Binance reported it had already replaced approximately 95% of the assets affected by the October 29 attack, up from 80% initially and 90% reported on October 31. The remaining 5% consists mainly of less-liquid cryptocurrencies, which the company has been purchasing through exchanges and over-the-counter trading desks.

The exchange had reserved $6.34 billion in company funds to cover the losses, drawing from its Secure Asset Fund for Users, corporate treasury holdings, and part of its Futures Insurance Fund. Binance has maintained that customers will not bear the financial losses caused by the attack.

North Korean Connection

The reopening comes as the FBI attributed the theft of more than $6 billion in cryptocurrency to North Korea's TraderTraitor hacking operation in an October 31 alert. The agency said investigators observed the attackers converting stolen assets primarily into Ethereum and expect further transfers through decentralized finance protocols.

Earlier blockchain investigations traced the stolen assets across several networks, including Ethereum, Bitcoin and Tron. The FBI, Secret Service and IRS Criminal Investigation have urged cryptocurrency businesses and blockchain operators to block transactions involving addresses connected to the attackers.

Binance continues working with law enforcement, token issuers and blockchain analytics firms to freeze and recover stolen cryptocurrency. Its security teams are conducting further wallet checks before enabling the remaining withdrawal networks. The company has published an updated Proof of Reserves snapshot and expects to release a complete zero-knowledge proof by November 3.