Binance Reopens Withdrawals After Hack and Pledges to Cover Losses

Binance has reopened withdrawals after a major security breach and says it will reimburse affected customers, pairing restored access with a plan to cover losses through its user-protection fund. Binance said it would use SAFU, its user-protection fund, to replace affected customer funds. The exchange paused withdrawals immediately after the breach and said access would return within 48 hours; withdrawals have now resumed. Binance also pledged to cover all losses tied to the incident. The exchange is buying back missing assets through its over-the-counter desk.