Binance: About USD 3.64 Billion in Net Outflows About 9.5 Hours After Withdrawals Resumed

According to TechFlow on November 2, Binance said in an official statement that the platform had resumed withdrawals in phases starting from 14:00 Beijing Time on November 1. By 23:30 on the same day, it had processed USD 4.649 billion in withdrawals and USD 1.01 billion in deposits, with net outflows of about USD 3.64 billion.

Binance said that as of 20:36 Beijing Time on November 1, withdrawals had resumed for all 15 networks and assets covered in the first phase, and withdrawal volumes had decreased after an initial surge. It stated that net outflows represented about 2.1% of the USD 171 billion in managed assets shown in the proof-of-reserves data as of October 28.

The platform is continuing to test the remaining networks and assets and expects to release an updated proof-of-reserves report on November 2.

Source: TechFlow