# Binance Customers Withdraw About $3.6 Billion Net After Exchange Reopens Withdrawals

Tracking data shows that nearly nine of every ten dollars leaving Binance did not land at a rival exchange, which points to customers moving into self-custody rather than to competitors.

- Published: 2026-11-02T05:45:39.855Z
- Canonical: https://polylog.news/crypto/2026-11-02/binance-customers-withdraw-about-3-6-billion-net-after-excha
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CryptoSlate](https://cryptoslate.com/tracked-binance-wallets-record-2-5-billion-in-outflows-as-withdrawals-reopen-after-hack/), [Polylog editors](https://polylog.news), [The Block](https://www.theblock.co/news/business/2026-11-01-binance-sees-3-64-billion-in-net-outflows-after-reopening-withdrawals-following-record-hack-432259), [Bitcoin.com News](https://news.bitcoin.com/security/binance-processes-4-65b-in-withdrawals-across-15-networks-after-hack/)

Binance [began restoring withdrawals in phases](https://t.me/BWEnews/16597) on November 1, starting between 06:00 and 09:00 UTC, three days after attackers took about $6.3 billion from its hot wallets. Customers moved quickly. [The Block reports](https://www.theblock.co/news/business/2026-11-01-binance-sees-3-64-billion-in-net-outflows-after-reopening-withdrawals-following-record-hack-432259) that the exchange recorded about $3.64 billion in net outflows in the first nine and a half hours, by its own count. [Bitcoin.com News](https://news.bitcoin.com/security/binance-processes-4-65b-in-withdrawals-across-15-networks-after-hack/) puts gross withdrawals at $4.649 billion and deposits at $1.01 billion between 06:00 and 15:30 UTC. Binance said withdrawal volumes fell and then levelled off after the initial spike.

Third-party measures vary with the time window and the wallets each tracker counts. Watcher Guru reported that [more than $3.75 billion left in 10 hours](https://t.me/WatcherGuru/15746). [CryptoSlate, citing DeFiLlama](https://cryptoslate.com/tracked-binance-wallets-record-2-5-billion-in-outflows-as-withdrawals-reopen-after-hack/), counted $2.51 billion in net outflows from Binance's tracked wallets for November 1, including about $1.08 billion in USDT. Cointelegraph's figure, which covers 24 hours, is [about $4.5 billion out of Binance](https://t.me/cointelegraph/72990).

Where the money went matters more than how much left. Cointelegraph's tally shows the next ten exchanges together took in only about $368 million, with OKX receiving most of it. Coinbase gained 984 BTC and Kraken gained 1,422 BTC. By that count, nearly nine of every ten dollars leaving Binance did not reach a rival exchange. Most of it appears to have gone to customer-controlled wallets or decentralized finance (DeFi) venues, although tracker coverage of smaller exchanges is incomplete.

Binance has said it covered about 95 percent of the stolen amount from its own reserves. That claim comes from the exchange, which has a strong interest in calming customers. Independent verification is limited to the exchange wallets that outside trackers can identify.

## What this means

The pressure works through customer balances. An exchange that has just lost $6.3 billion now has to pay out a further $3.6 billion or more of deposits in a single day. As long as it pays on demand, each completed withdrawal is evidence of solvency, and outflows tend to fade. The precedent is December 2022, when Binance processed several billion dollars of withdrawals in the weeks after FTX collapsed and kept operating. The new information is that the money is not moving to competitors. That cuts against this desk's tracked thesis that holders drift toward custodians and exchange-traded funds after security scares. Here, a custodial failure pushed money toward self-custody. The desk's assessment is that the likelier outcome is that net outflows shrink within one to two weeks if phased withdrawals keep completing on schedule. In that case Binance keeps its market share while the self-custody share of holdings rises. The read is wrong if Binance pauses any withdrawal phase again, delays a network, or publishes reserve figures that fall short of customer liabilities.

## What to watch

- Whether Binance completes every announced withdrawal phase on schedule. A delay on any network would turn a liquidity test into a solvency question.
- Daily net-flow readings for Binance from DeFiLlama and other trackers over the coming week. Outflows that keep falling would mean confidence is returning, while flat or rising outflows would mean customers are still exiting.
- Whether hardware-wallet makers or self-custody apps report a rise in new users. That would confirm the outflows went to self-custody and not just to untracked exchanges.