Binance issued fresh updates on withdrawals and reserve verification on November 14, while Kava investigated suspicious activity involving its lending protocol. Other developments included stUSDT’s shutdown announcement, an Ethereum Foundation-linked token sale and temporary restrictions affecting MEXC’s payment cards.
Binance Sets Target for Restoring Remaining Withdrawals
Binance said in its November 14 recovery update that withdrawals had reopened across 87 networks during the week. The exchange aims to restore access for the remaining assets and networks by the end of next week, while warning that heavy traffic could cause processing delays. Availability continues to depend on the specific asset and network selected for a withdrawal.
Binance Says Customers Can Verify Its Latest Reserve Snapshot
In a separate announcement, Binance said it had completed the zero-knowledge proof needed for customers to verify the backing of balances included in its latest reserve snapshot. Figures shared alongside the update showed Bitcoin reserves at 100.05% of net customer balances and Ethereum reserves at 100.02%. The verification update concerns customer assets held by the exchange, while withdrawal services continue returning in stages.
Kava Investigates Token Movements as Exchanges Pause Transfers
Kava disclosed an investigation into unusual activity involving KAVA tokens transferred to BNB Smart Chain and subsequently sold. The team said the incident was contained within Kava Lend and did not involve unrestricted token creation. Upbit and Coinone temporarily stopped KAVA deposits and withdrawals as a precaution while the investigation continued.
stUSDT Ends Rewards and Opens Six-Month Redemption Period
The stUSDT team announced that the protocol is winding down, with interest accrual ending on November 14 and redemptions opening for both stUSDT and its wrapped version, wstUSDT. Its online redemption portal will remain available until May 14, 2027, at 23:59 UTC. After that deadline, remaining requests will move to customer support for monthly processing through August 2027.
JustLend Announces Removal Process for Its wstUSDT Market
Following the shutdown announcement, JustLend published its own plan to withdraw support for the wstUSDT lending market. It will first prevent new supply and borrowing positions, while allowing existing positions to be managed during the transition. Further changes to market parameters will follow, with the platform asking lenders and borrowers to prepare to close their positions.
Onchain Lens Reports Another Ethereum Foundation-Linked Sale
Blockchain monitoring account Onchain Lens reported on November 14 that a wallet associated with the Ethereum Foundation exchanged 2,500 ETH for approximately 4.597 million USDS through CoWSwap. According to the tracker, the proceeds were transferred to a Safe multisignature wallet. It put the wallet’s cumulative sales over the preceding four days at 7,500 ETH, generating roughly 14.52 million USDS.
MEXC Announces Temporary Global Card Restrictions
MEXC announced maintenance affecting all its Global Cards from November 14 at 15:30 UTC, citing service changes by its third-party card issuer. Card transactions and deposits will be declined during the interruption, which the exchange expects to last until November 18. MEXC said customers could still transfer remaining card balances to their fiat accounts, while previously initiated transactions would continue through normal settlement.
Louisiana Attorney General Responds to CFTC Prediction-Market Challenge
Louisiana Attorney General Liz Murrill publicly challenged CFTC Chairman Michael Selig’s account of the state’s prediction-market restrictions on November 14, defending state authority over gambling. Her response followed the CFTC’s November 13 federal lawsuit seeking to block Louisiana’s enforcement action against platforms including Kalshi, Polymarket, Coinbase and Robinhood. The dispute concerns whether these event contracts fall exclusively under federal derivatives oversight or can also be restricted through state gambling laws.