On Monday, November 2, 2026, The Crypto Times reported that Binance has warned customers about a wave of scams targeting users trying to withdraw funds as the exchange gradually restores services following a recent security incident.
Binance co-CEO Richard Teng said in a post on X that impersonators are approaching users with offers of “priority processing,” compensation claims, and secure vault services. Teng said the exchange will never contact users first, charge a fee to speed up withdrawals, or ask customers to sign transactions or move funds to unlock a withdrawal. He urged users to verify any communication through Binance’s official verification page.
The warning follows an October 29 security notice in which Binance said scammers could exploit the recovery period through direct messages, emails, group chats, and even small transfers carrying attached messages. The exchange advised users to ignore unsolicited offers of faster withdrawals or compensation and to rely only on official channels.
Binance has been restoring cryptocurrency withdrawals in phases
Binance has been restoring cryptocurrency withdrawals in phases. In a November 1 update, the exchange said it had resumed withdrawals across 15 networks. It reported that roughly 95% of affected assets were covered, with about $315 million in less-liquid tokens still awaiting replenishment. Binance said replenishment of the remaining assets was continuing. The figures reflect the exchange’s own reporting and do not indicate that all affected funds have been recovered from the attacker.
Others have echoed the warnings. Eowyn Chen, a Binance intern, wrote on X that impersonation attempts rise as withdrawals resume, advising users to be wary of any message asking them to connect a wallet, sign a transaction, or authorize access. Blockchain investigation account IOC Investigations separately cautioned against links claiming to verify balances, re-enable withdrawals or process refunds, and recommended using only the official Binance app. Neither post was an official Binance announcement.
Binance also expanded fiat withdrawals to five additional currencies: the U.S. dollar, United Arab Emirates dirham, Vietnamese dong, Philippine peso and Indonesian rupiah. These join previously supported options including the Japanese yen, euro, Swiss franc, Brazilian real and Mexican peso. Co-CEO Yi He shared the update on X. The fiat expansion is separate from the phased restoration of crypto withdrawals.
Teng said Binance has completed its latest Proof
Teng said Binance has completed its latest Proof of Reserves verification. In its October 31 Recovery Update #5, the exchange said the snapshot taken at 00:00 UTC that day was fully verifiable by users, who can independently check reported 1:1 backing for 10 assets: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Binance said it allocated more than $6.34 billion in company funds to cover the affected assets and that those 10 assets have been fully replenished. These figures are based on Binance’s own disclosures.
The Crypto Times also reported that blockchain companies and other industry participants have frozen approximately $2.85 billion in assets linked to the hack. Frozen funds have not been confirmed as recovered or returned to customers.
