PH access to Binance still pending amid $6.34-B hack, company says

Crypto exchange Binance said Filipino users currently have no access to its services, citing pending regulatory and technical requirements as it addressed concerns over a hacking incident involving approximately $6.34 billion in digital assets.

Binance representative Sandy Ku said the exchange was still working with BlockShoals Technologies to make its services available in the Philippines.

“We would like to emphasize as well that Filipino users do not have access to Binance services as of the moment as we, together with BlockShoals Technologies are still working to make these services eligible through proper regulatory steps, compliance guidelines and proper technical integration. These services will also fall under the Strategic Sandbox or StratBox agreement with the Security and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP),” Ku said in an email to Newsbytes.PH.

Ku cited the absence of Philippine access but did not provide figures on affected Filipino account holders or explicitly confirm that none suffered losses.

In its initial report on the October 29 security incident, Binance said attackers gained unauthorized access to an internal wallet signing service and transferred digital assets outside the exchange’s normal withdrawal process.

The company said it would absorb the financial impact and had allocated more than the amount needed to cover the stolen funds.

“As per the latest update on November 3, 2026, Binance has covered 98% of the impacted token assets from the hacking incident and has re-enabled withdrawal of the affected assets and tokens. The update also includes initial findings, response, the investigation to date and the measures implemented to rectify,” Ku said.

“Future updates will also be relayed on official channels if necessary. Binance’s first priority is protecting the users, and strengthen the systems involved,” she added.

Binance’s report said 98% of the affected token assets had been replenished as of October 31, while purchases of the remaining, less liquid assets were continuing. Separately, approximately $2.85 billion in assets had been frozen or intercepted.

The exchange said it had rebuilt affected systems, replaced compromised devices, revoked credentials, and tightened security controls. Its investigation remains ongoing, with an independent cybersecurity review planned.