- Binance is prioritizing security after its reported $6.3 billion hack.
- Yi He pushed back against comparisons with FTX.
- Richard Teng warned users about fake withdrawal and compensation scams.
- Crypto withdrawals are resuming across 15 networks.
Binance is focused on security as it tries to return to normal operations after a major security breach. The breach reportedly took about $6.3 billion from its wallets. Co-CEO Yi He disagrees with comparisons to the FTX collapse. Co-CEO Richard Teng is warning users about scams. These scams are targeting people who want to get their funds.
Our top priority right now is to ensure the environment is secure, after which users can withdraw their funds and Binance can resume operations.
Every action has a motive. Look at some fraudulent exchanges that absconded, P2P platforms, and commercial banks: their ledgers are opaque; once the website is shut down, they simply abscond with the funds, the company is liquidated or goes bankrupt, and all they need to do is give you an arbitrary excuse. As for how much money was actually in the account and where it went, there is no way to know. These kinds of closures happen without any warning—they just disappear. There is no real operation, no one comes out to explain what happened, and it is even less possible for withdrawals to be opened.
Thanks for your support💁🏻♀️— Yi He (@heyibinance) November 2, 2026
On November 2, Teng posted on X. He said that fake accounts are pretending to offer priority withdrawals, compensation, and secure vault services. These warnings are coming as Binance slowly brings back the ability to withdraw cryptocurrency. It is also expanding the options for fiat withdrawals.
Yi He Says Security Comes Before Full Withdrawal Access
Yi He said Binance’s immediate priority was making sure its environment was safe before going to normal operations. Her comments came after people online compared Binance to FTX, which fell apart in November 2022 because of a money problem that showed a missing amount of customer money.
Yi He said comparisons should look at how exchanges deal with security problems and talk to customers, not just look at the money they have. She did not say the name FTX directly in her answer.
Binance said it had covered about 95% of the money using company money while making it less easy to sell tokens back to normal. The exchange also said billions of dollars in money connected to the problem had been locked on the blockchain.
Binance Warns Users About Fake Withdrawal Offers
As withdrawals resume, impersonators are offering “priority processing,” “compensation claims,” and “secure vaults.”
@Binance will never contact you first, charge to speed things up, or ask you to sign or move funds to unlock a withdrawal.
Verify before you trust → https://t.co/EfwRgbThwa
— Richard Teng (@_RichardTeng) November 2, 2026
Teng warned customers about messages that promise withdrawals or compensation. He said Binance will not call or text people to charge them for processing or to move money to unlock withdrawals.
Customers can check accounts, websites and contacts by visiting Binance’s official verification page. Binance also told customers to ignore direct messages, emails and group‑chat offers.
In another part of the story, Binance intern Eowyn Chen and the blockchain investigation team at IOC Investigations talked about impersonation attempts. These attempts involve links, wallet connections, and requests to sign transactions.
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