Binance Targets Nov. 1 Withdrawal Restart and Nov. 2 Proof-of-Reserves Report

By Crypto Wire
October 30, 2026

Binance co-CEO Richard Teng put calendar dates on the reopen clock. In Friday remarks carried by TokenPost and CoinDesk, Teng said the exchange is working to restore customer withdrawals by Sunday, November 1, 2026, and plans to publish a full proof-of-reserves report on Monday, November 2 — with a hope to release preliminary reserve figures sooner. That calendar UPDATE sits beyond this desk’s earlier ~45-hour reopen track chapter, which flagged additional breach points without locking the Sunday / Monday milestones.

Withdrawals stay suspended until the rebuilt service clears rigorous security testing; deposits continue to operate normally, Teng and the exchange’s incident note say. Binance is reviewing endpoint devices, cloud services, key management, and transaction-signing systems while it rebuilds the withdrawal path. Teng framed the Sunday target as a working deadline, not a guaranteed open — security testing can still delay the switch-on even if the ~40-hour window is the public aim.

The forensic spine is still the hot-wallet authorization path, not a private-key dump. Teng said investigators found additional intrusion points after an initially suspected compromised DevOps laptop, that attackers used a self-destruct mechanism to erase tools and traces, and that they used Ethereum’s EIP-7702 account-delegation feature to gain on-chain execution authorization for a hot wallet without Binance’s normal approval flow. Prefer those attributed claims and Binance’s official incident update over social timelines that invent a full post-mortem Binance says is still unfinished.

Loss cover and freeze math stay labeled as company claims pending the Monday PoR. Binance’s estimated total impact remains near $6.3 billion; Teng said the firm has reserved more than $6.34 billion, with about $5 billion already held in affected assets and the rest being acquired through market and over-the-counter channels, and that company funds — not customer balances — will cover the shortfall. Earlier freeze tallies from issuers and partners remain nested context under the Binance security-incident tracker, not today’s discovery.

Market desks should also keep the reserve-ratio math honest. CoinDesk’s review of Binance’s Oct. 1 proof-of-reserves listing put the drained “Binance 14” hot wallet among wallets that had backed customer balances, so ether and several other books may sit below prior 100% snapshots until replacement inventory lands. That is forensic color for Monday’s PoR — not a claim that customer account balances will be wiped. Teng’s Friday calendar still points collectors at the Sunday testing gate and the Monday disclosure, not at social guesses that withdrawals are already live.

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Adjacent desks stay separate. Initia’s dated Nov. 2 L1 restart, Coinbase’s EEA non-MiCA conversion day, and Kalshi’s Series G raise remain Orange County files of their own. This chapter only advances Binance’s withdrawal and reserve calendar after the additional-breach print.

What moves next is on-chain and operational, not marketing copy. If Binance restores withdrawals before or after Nov. 1, publishes preliminary reserve figures, posts the Monday PoR with ETH and stablecoin ratios back at or above prior snapshots, or names a secondary breach path with freezes, that belongs in a follow-on. Until then, treat Sunday reopen and Monday PoR as target milestones contingent on testing — not as completed restores.

What to watch on-chain next: Whether the rebuilt withdrawal service actually clears and lights up by Nov. 1, whether preliminary reserve figures land before Monday, and whether the Nov. 2 PoR shows replaced ETH and stablecoin backing after the hot-wallet drain — plus any new freeze or recovery hashes tied to the EIP-7702 path.

Bottom line: Binance dated a November 1 withdrawal restart target and a November 2 full proof-of-reserves report — the calendar UPDATE beyond the ~45-hour reopen chapter.

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