Binance reopened withdrawals for more than one hundred asset-and-network combinations at 04:00 UTC on Monday, November 3, the widest single step in a phased recovery that began after the exchange disclosed a security incident at the end of October. The same update cycle delivered a second, quieter milestone: a zero-knowledge proof for the October 31 reserve snapshot went live, so holders of ten major tokens can now verify on their own machines that their balances are backed at least one-to-one.
The reopening is laid out in Binance’s sixth recovery update, published late on November 2. “Following the successful reopening of withdrawals for selected networks and assets in the initial phase on 2026-11-01, Binance will reopen withdrawals for the assets listed below, beginning at 04:00 (UTC) on 2026-11-03,” the exchange wrote. The list spans nine networks, from BNB Smart Chain, Ethereum, and Solana down to XRP Ledger, SUI, Arbitrum, Optimism, TRON, and Base, and runs from bitcoin and ether all the way to the BONK and TRUMP memecoins.
Binance framed the pace as deliberate rather than rushed. “Not all listed assets will become available at once. Like phase one, reopening will roll out progressively across the assets as security and readiness checks are completed. Deposit services remain open and are not affected,” the notice said. That sentence is the operational key to the whole week: deposits stayed open throughout, while withdrawals, the mechanism a nervous user reaches for first, were rationed back in tiers.
A Recovery That Is Now Measured in Days, Not Promises
The sequence is worth laying out in full because every number in it carries a date. Binance’s recovery updates began on October 30 with a first status note, rose to roughly 90% coverage by October 31, and reached approximately 95% on November 1, the day withdrawals first resumed in phases. Binance has said it covered about 95% of the impacted amount using company funds, its Secure Asset Fund for Users, and a portion of its Futures insurance fund. The November 2 update shipped the zero-knowledge proof, and the November 3 update is the withdrawal expansion. A reader who saw only the initial headlines would miss that the story has moved from “are the funds there” to “how fast do they come back.”
What the Zero-Knowledge Proof Actually Proves
The proof is easy to misread, so it is worth stating what it does and does not do. In its fifth update, Binance said the proof “has been completed within our estimated timeframe,” and that “Binance users holding any of these ten tokens can independently verify that their balances on Binance are backed at a minimum of 1:1.” The ten are bitcoin, ether, Tether’s USDT, BNB, Solana, USD Coin, XRP, USD1, RLUSD, and Zcash.
The mechanism is a Merkle tree wrapped in a zk-SNARK, applied to a snapshot taken at 00:00 UTC on October 31. The Merkle tree lets each user confirm their own account sits inside the reserve snapshot; the zk-SNARK proves the aggregate is backed at least one-to-one without exposing any individual balance. That is the difference between an auditor’s assertion and a proof a user runs themselves: one is a claim you take on trust, the other is arithmetic you can recompute.
Binance said the next snapshot, covering more tokens, is planned for November 4, and that generating its full zero-knowledge proof will again take “approximately 40 to 50 hours.” The ten-token proof is the vanguard; the wider proof is still in the queue. “With the generated proof, the backed portion of that commitment is now publicly verifiable,” the exchange wrote, pointing back to its standing pledge that “Binance will absorb the financial impact of the stolen funds, not our users.”
The Withdrawal List, Asset by Asset
The November 3 notice restores more than a hundred network-and-asset pairs, and the full list is the clearest measure of how far the recovery has come. On BNB Smart Chain, Binance reopened BTC, ETH, XRP, SOL, DOGE, CAKE, SHIB, LINK, DOT, ADA, LTC, ZEC, NEAR, FET, XLM, HBAR, FDUSD, TUSD, USD1, XUSD, U, WBETH, BMT, ALT, EDU, BANANAS31, BONK, HUMA, PARTI, IOST, and LISTA, plus withdrawals for all bSTOCKS.
On Ethereum, the reopened list covers RLUSD, USD1, ENA, USDE, PENDLE, WLD, FDUSD, XUSD, QNT, SHIB, ZRO, FET, NIL, ONDO, ALT, SKY, LINK, ETHFI, REZ, JASMY, PUNDIX, BTC, BAT, STRK, POL, ANIME, LSK, RE, BREV, RLC, AMP, PLUME, BLUR, WBETH, ZBT, ENSO, AVA, and TUSD. Solana’s list is nearly as long, at USD1, PUMP, FDUSD, BMT, RENDER, RAY, TRUMP, MET, PENGU, JUP, PYTH, BONK, KMNO, BNSOL, ORCA, WIF, W, HUMA, JTO, IO, 2Z, and BOME. The smaller chains reopen a handful each: RLUSD on XRP Ledger; USDC and HAEDAL on SUI; CHIP and ANIME on Arbitrum; OP and WCT on Optimism; TUSD on TRON; and ZEN, MIRA, HOME, and AWE on Base.
Counted as network-and-asset pairs, that is 103 entries across nine networks; counted as distinct tokens it is closer to eighty-six, because assets such as BTC, ETH, SHIB, and USDT appear on more than one chain. Binance said the ordering was not arbitrary: “We are prioritizing tokens based on user demand over the past week, restoring each network-asset pair carefully after completing rigorous security checks.”
What Is Still Not Restored
The honest remaining gap is the roughly five percent Binance has not yet covered, the tokens outside the top ten that are less liquid and slower to source at the required scale. Binance reiterated on November 2 that the outstanding portion consists of those less-liquid assets and that it is “working with industry partners to complete the remaining acquisitions.” A five percent residual against the scale of the incident is still a large absolute number, and it is the difference between the ten tokens that are now cryptographically provable and the long tail that is not. The laundering of the stolen funds is a separate front entirely; a reorg-triggered pause at THORChain slowed that movement earlier in the week, but it is a parallel story to the withdrawal mechanics Binance controls directly.
What the updates still do not provide is the post-incident technical report. Binance has promised one once the investigation concludes, and until it lands, the market is working from balance-sheet statements and reserve proofs rather than a full accounting of how the breach happened. The company’s language on the point is consistent: “Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users.” A solvency commitment and a forensic explanation are different documents, and only the first has arrived.
The Institutional Read
For an institutional observer, the test is whether the recovery restores the flows that matter. A phased reopening that returns withdrawals across a hundred pairs is the first condition for outflows to reverse; the zero-knowledge proof is the second, because it converts a solvency claim into something a compliance desk or a fund administrator can verify rather than take on faith. The reserve snapshot itself is a point-in-time inventory, and Binance’s own framing is careful to treat the proof as covering one dated snapshot rather than every future day.
The remaining decision points are all dated, which is what makes the recovery tradeable rather than rhetorical. The November 4 snapshot will show whether coverage expands beyond the ten tokens. The forty-to-fifty-hour proof-generation window after that snapshot sets a timeline for when the wider reserve picture becomes verifiable. And the post-incident technical report, whenever it lands, will finally separate the solvency question, which Binance has answered with cash and cryptography, from the security question, which is still open.
