Binance has weathered the first rush after reopening withdrawals. In the first nine and a half hours or so from 6 a.m. UTC (7 a.m. German time) on Sunday, November 1, customers withdrew $4.65 billion and deposited $1.01 billion, according to the exchange. On balance, $3.64 billion left the platform. Measured against the $171 billion that Binance reported in its proof of reserves of October 28, that is 2.1 percent, as CNBC reported, citing Binance.
For you as a Binance customer in Germany, this means for now: the exchange is paying out on the networks that have been reopened, and on the figures known so far an outflow of this size does not put it under pressure. The full proof of reserves is still outstanding. Binance has announced it for Tuesday, November 3. Only then can it be checked whether balances are in fact backed one to one after the attack of October 29.
Binance net outflow: $4.65 billion out, $1.01 billion in
A net outflow is the difference between all withdrawals and all deposits at an exchange over a given period. It shows how much customer money has left on balance and is th...
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