Richard Teng, the chief executive of Binance, posted on X on 3 November 2026. He explained that the recent security breach that began on 29 October has been largely remedied, with the exchange now 98 % replenished. Teng said Binance has completed a new Proof of Reserves verification, giving users an independent way to confirm that assets are fully backed. He framed this effort as an industry‑wide responsibility, urging other platforms to adopt similar safeguards to protect customers and strengthen the broader crypto ecosystem.

““The difference is verification, not just promises.” That’s what I told @CNBC today, speaking on the security incident and the steps we’ve taken since 29 October to ensure our users are protected. We’re now 98% replenished. We’ve completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed. That’s why we have Proof of Reserves: accountability. While Binance is at the centre of this story, this is an industry-wide problem. We must keep working together to safeguard customers and strengthen our industry.”

— Richard Teng (@_RichardTeng) on X · X ↗

Richard Teng is not affiliated with COINMAG. The quote comes from a public post on X; the context was written by the COINMAG newsroom.