Testing comes before reopening
Binance is rebuilding its withdrawal service and will reopen it only after rigorous testing, Richard Teng said in his October 30 transcript at 14:33 UTC, shared by Binance. He expressed hope of reopening before a Sunday deadline, describing the timetable as within 40 hours. This is a forecast, not confirmation that withdrawals have resumed.
Teng also targeted a full proof-of-reserves report by Monday, with an earlier initial view hoped for. No timezone was specified. The statement describes a company-wide security review; it does not supply a completed postmortem or a quantified amount returned.
What the two milestones would establish
A service-restoration notice and a reserve disclosure serve different purposes. The former should identify which functions and networks customers can actually use. The latter needs a clear reporting date, scope and verification method. A promised timetable cannot substitute for either document.
The PCAOB’s investor advisory cautions that proof-of-reserve reports are not audits and may omit liabilities or other important information. That general warning is not a finding about Binance’s forthcoming report.
Keeping the incident record current
Our earlier investigation update records the previous service estimate. Read the separate company-reserves report for the distinction between replacement funding, frozen assets and completed recoveries.
For background, our guides to wallets, private keys and custody and account security and recovery scams explain the underlying concepts and common risks.
Official transcript checked October 30, 2026, 14:56 UTC. Operational and investigation statements are attributed to Binance’s leadership; the hero is a conceptual illustration.