Binance Pauses Withdrawals, Sets 48-Hour Target After Incident

Binance has suspended customer withdrawals and set a 48-hour target for resuming the service following a security incident, while Bitcoin deposits have continued operating normally, according to CryptoSlate. The exchange's Oct. 30 security update put the event's total impact at roughly $6 billion, and Binance stated that near $3 billion worth of affected assets had been locked up on-chain, the outlet reports.

Binance Japan issued its own earlier Oct. 30 notice saying trading stayed open even as all crypto deposits and withdrawals were temporarily suspended; a subsequent update from the Japan unit also pointed to a return to service within 48 hours, CryptoSlate reports. The outlet's own reporting described Binance's broader timeline as pointing to a 45-hour resumption window, a gap between figures that CryptoSlate notes but does not reconcile.

Bitcoin was priced at $77,077 when CryptoSlate checked market data on Oct. 30. Separately, Farside Investors' completed Oct. 29 session recorded $17 million in net Bitcoin ETF inflows, with the following day's figure still incomplete at the time of the report.

CryptoSlate states that an announcement from one part of Binance's business should not be assumed to cover every venue, and that customers holding balances on more than one platform may encounter different paths back to full access. The outlet does not detail the exact nature of the security incident, whether the 48-hour target will hold, or whether withdrawals will return simultaneously across all assets and accounts.