Binance suffers $6.3 billion crypto security breach: Why is Binance.US assuring American customers their funds are safe?

Hackers stole $6.3 billion from Binance, the world's biggest cryptocurrency exchange. The analysts have pinned the blamed on North Korea for the theft and said could be the largest financial heist of all time. Despite the biggest heist of all time, Binance.US, the U.S. cryptocurrency exchange, said it was unaffected by the security incident involving Binance. The company said customer funds are safe and services are operating normally

In an official post on X on October 29, Binance.US said it was not affected by the Binance security incident reported that day and stressed that it operates as a separate, independent platform. The company added that customer funds are safe and services are running normally. It also said all user funds remain secure.

Earlier, Binance said it was investigating a potential security issue. It later said withdrawal disruptions affecting some users were caused by a technical error and that recovery work was under way.


ALSO READ: Tarek El Moussa reveals why daughter with 4.2 GPA got a $150,000 BMW X5 despite being happy with a used Honda

Why Binance.US operates separately

Binance.US is an “independent sub-platform” established by Binance specifically to comply with U.S. regulatory requirements. It shares a similar brand identity and user experience with the Binance global platform, but its account system, legal responsibilities, supported cryptocurrencies, and derivatives features are entirely separate and different. It serves US customers and operates under a distinct US-facing business structure.

Binance.US operates separately from the global Binance exchange, despite sharing a similar brand identity and trading experience. The US-focused platform was established to serve American customers while addressing the country's regulatory requirements. It has a separate account system, legal responsibilities and cryptocurrency offerings, with certain trading products available on the global platform not necessarily offered to US users.

ALSO READ: Pentagon doomsday plan amid World War III fears

This distinction is particularly relevant following the latest security incident, as the two platforms do not operate as one identical exchange. Binance.US has maintained that the breach involving the global platform did not affect its operations, reiterating that customer funds remain secure and services are functioning normally.

How was the crypto Binance hack carried out?

Cryptocurrency giant Binance said on Thursday that $6.3bn (£4.7bn) of digital assets have been impacted by what is thought to be the biggest crypto hack on record. Binance co-CEO Richard Tend said on X that the attack was not a “one-click” action, but rather a complex process. This means thieves were able to bypass the usual methods of verification used by the platform - most of the money left Binance wallets in about 20 minutes, an expert told BBC.

The company said while initial checks suggested an engineer's laptop had been compromised, allowing an attacker to make unauthorised withdrawals, "our subsequent investigation has uncovered additional points of breach".

Analysts suspect North Korea could be behind it - one analysis firm says it has observed funds from this hack "commingling" with funds from another that has widely been attributed to North Korean actors. The regime has repeatedly been accused of using cryptocurrency theft to generate revenue to help fund its weapons programmes.