Binance Co-CEO Richard Teng stated on Friday (10/30) that the exchange expects to restore withdrawals within roughly 30 hours, by Sunday. Until then, users with crypto on the platform remain unable to withdraw their funds, and the timeline is an estimate rather than a guaranteed date.
When Will Binance Reopen Withdrawals?
By Sunday, according to Teng. He stated that the technical team plans to resume the service within that window and that Binance is reviewing its cloud and security systems. The review follows an investigation into what Money Times Cripto describes as a record-breaking hacker attack.
Note the phrasing: the team plans to resume service, and the timeline is "approximately" that long. When a company modifies security systems before reopening a service, the schedule depends on what the review uncovers. The deadline holds only as long as nothing new surfaces, and Binance has not disclosed what it will do if that schedule slips.
For this reason, Sunday is a target to monitor rather than a binding promise. Any decisions on your part that depend on withdrawing funds before then must account for the possibility that the date could change. It remains to be seen how severe the problem is that the exchange is addressing.
How Large Was the Attack, and What Has Binance Set Aside?
These are two distinct figures that readers tend to conflate. One is the size of the attack under investigation. The other is the capital that Binance, according to Teng, has set aside in its wake.
A record, according to Money Times Cripto.
Figure cited by Teng. The excerpt available cuts off the sentence at "including $5."
The reserve is slightly larger than the attack, but that does not prove that one covers the other. The source summary does not state what the reserve is meant for or which assets back it: Teng's sentence is cut off immediately after "including $5." Connecting the two figures would mean filling in a gap that Binance has not yet addressed publicly, and we will not do that.
What can be stated is the scale of the incident. Based on available sources, the attack is described as the largest on record, and an exchange of this size has stopped allowing clients to access their own balances. That was the reason for yesterday's coverage on the Binance hack and the drop in Bitcoin. It is necessary to separate what has been stated from what remains open.
What Has Binance Said, and What Remains Unanswered?
- There is a public projection for the resumption of withdrawals: by Sunday, roughly 30 hours after Teng's statement.
- Cloud and security systems are under review, indicating that the company treats the issue as structural rather than a mere operational pause.
- An investigation into the attack is underway, alongside a declared reserve of more than $6.34 billion.
- How the attack occurred and where security failed: the material we accessed does not provide details.
- How many clients were affected and whether any individual balances were lost.
- What the reserve is intended for and who would be compensated by it.
- What happens if the Sunday deadline is not met.
The positive side is small and concrete: there is a timeline and an ongoing review. On the negative side, Binance discussed the timing while saying almost nothing about the cause, and the cause is what determines the risk for anyone leaving funds on the platform.
What Does This Mean for Crypto Holders on Binance?
Frozen withdrawals represent counterparty risk turning from an abstract concept into practical experience. Your assets may remain in your account, but you cannot transfer them to a personal wallet or another exchange while the service is suspended. You lose the freedom to act, even without losing your balance.
Until Binance confirms the reopening, no action on your part can pull the funds out. What you can do is check official updates, avoid panic-driven decisions, and review how much of your net worth is held on a single exchange. If your portfolio consists of Brazilian real estate funds (FIIs), stocks, and fixed income, the effect is indirect: the situation weighs on crypto market sentiment rather than traditional assets. For a look at the asset's broader standing, see our Bitcoin sector analysis.
Once withdrawals return, the question shifts from "when" to "with what guarantee." Reopening alone does not indicate whether the root cause has been fixed or whether the reserve will cover any losses.
What to Monitor Until Sunday?
The resumption of withdrawals — Teng mentioned approximately 30 hours, targeting Sunday. If the deadline passes without service returning, the timeline has failed and the review has uncovered a larger issue.
An announcement regarding the reserve — Binance needs to specify which assets back it and who it is intended for. Until that information arrives, the $6.34 billion figure is just a number.
The investigation results — cause, scope, and affected clients. This is the answer that measures the risk of keeping funds on the platform.
