Binance Alerts Users to Fake Reward Campaigns Without Approval
Binance cofounder Yi He has issued a safety warning about fake rewards campaigns circulating as the exchange resumes withdrawals following a major security breach.
In an X post, Yi He clarified that Binance's community rewards campaign requires regulatory approval and will only go live after the regulator reviews and approves it once offices reopen tomorrow. She emphasized that there is currently no cash voucher campaign circulating, urging users to remain vigilant against phishing and scam links.
Security warnings amid resumption
Eowyn Chen, former CEO of Trust Wallet and Binance's interim CMO, shared a similar security warning, stating there is no compensation for the recent withdrawal suspension. Scammers have been circulating fake compensation rewards, including $150 offers, which X users have identified as fraudulent.
Withdrawals restored
Binance began restoring customer withdrawals on Sunday, November 1, 2026, after hackers attempted to drain over $6 billion in what was described as the biggest cyber theft ever recorded. The exchange has now re-enabled withdrawals for multiple networks and assets including BTC, ETH, BNB, and USDT across various blockchain networks.
Withdrawals were temporarily suspended as a precaution while Binance worked to contain the incident's losses, assess its impact, restore affected services, and complete security checks.
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