- Binance has started the third phase of reopening cryptocurrency withdrawals, covering six networks: Ethereum, BNB Chain, Base, TRON, MATIC and SUI.
- Around 36 Ethereum-based tokens, including UNI, AAVE, PAXG, MORPHO and COMP, are part of the latest reopening.
- The move follows a security incident in late October. Withdrawals are being restored in batches after security checks, while deposit services continue to operate normally.
Binance Resumes Withdrawals On 6 Networks
Cryptocurrency exchange Binance has resumed withdrawals of digital assets as part of its third recovery phase following the security incident in late October. The latest batch, launched at 12 noon (4am UTC) on November 5, covers 6 blockchain networks with the most amount on Ethereum. This will include around 36 Ethereum-based tokens.
This should provide users with more flexibility in terms of withdrawing their crypto, however, not every token will be available for withdrawal. Tokens will be added in waves depending on the security checks.
Ethereum will see the most amount of tokens added with UNI, AAVE, PAXG, VIRTUAL, MORPHO, YFI, WLFI, COMP, and LPT. This includes a variety of DeFi tokens, lending, governance and tokenised commodities.
Third Phase Includes More Tokens & Networks
This withdrawal comes after Binance resumed withdrawals in waves. The first wave came on November 1 and included 1 token from 15 networks. This was mostly just a test run.
On November 3 the second batch was launched and covered BNB Chain, Ethereum, Solana, XRPs, TRON, Arbitrum and Optimism. This latest batch includes around 69 tokens and networks.
BNB Chain will see the second most amount of tokens added with around 24. These include ASTER, PROM, UNI, FIL, IOTA, ZIL, TWT, INJ, AVAX. Base has seen AERO, VIRTUAL, MORPHO and AVNT added. TRON has JST, SUN and BTTC, whilst MATIC and SUI have GNS and MMT.
Binance has said they will be adding tokens according to popularity from the last week. All tokens and networks will need to be checked to ensure they meet security requirements.
Binance Resuming Transactions
Binance are taking things slowly as it is vital they ensure their systems are secure. Just a day before this news Binance said they had recovered around 98% of the assets taken in the incident. They have also expanded their proof of reserves to 44 tokens.
Users who hold Bitcoin and Ethereum have been able to withdraw their assets for some time now. However those with low volume and small tokens will struggle more as there may be less buyers/sellers for these assets.
Binance have advised users to try again at a later date if their withdrawal is not going through. Users can view the status page to check whether their token/network has been added.
Deposits are unaffected so this is a big step forward for Binance, however if you are holding smaller cryptos you may have to wait for more batches to be added.
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