Binance Faces Major Withdrawal Test as Services Resume

Binance’s withdrawal surge peaked early, with transaction volumes declining over the remainder of the reporting period. Incoming deposits partially offset customer withdrawals, suggesting that trading and funding activity continued despite the security breach. The exchange’s upcoming Proof of Reserves update will provide a separate assessment of post-incident asset backing. Binance processed $4.65 billion in customer withdrawals within nine and a half hours of reopening services on November 1, providing the first substantial measure of withdrawal demand following its multibillion-dollar security breach.

Source: ETHNews