Why Is My Binance Withdrawal Suspended And How Long Will It Last? (2024)

FAQs

Why Is My Binance Withdrawal Suspended And How Long Will It Last? ›

Binance suspends its withdrawals when the wallets undergo periodical maintenance. In some cases,a database glitch or another error relating to the exchange may cause some withdrawal problems. This might then have the knock-on effect of withdrawals being suspended as these are fixed.

You may see an error saying that your withdrawals are suspended due to risk management. This error indicates that you selected to make a deposit to your Binance.US account, but when our payment provider attempted to pull the funds from your bank account, they were unable to retrieve the funds.

As stated in their revised terms of service, they will no longer let users withdraw USD without first converting it to stablecoins or another digital asset. Importantly, unlike conventional financial guarantees, US currency deposits are no longer covered by the Federal Deposit Insurance Corporation (FDIC).

Binance restricts withdrawals for various reasons, including abnormal user profiles, transaction patterns, operating behavior, devices, or environmental factors. For example, Binance may temporarily disable your account's withdrawals if you repeatedly send funds to a blacklisted address.

Withdrawals can take anywhere from a few minutes to a few hours to complete, depending on the currency and network congestion. After making a transaction on Binance, you can check its status in the "Transaction History" section of your account.

In early June, the firm suspended dollar deposits, saying the U.S. Securities and Exchange Commission's (SEC) "extremely aggressive and intimidating tactics" against the crypto industry had left banking partners reluctant to engage with the sector.

Oct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.

Binance.US Will Suspend Deposits & Withdrawals of USDC via the TRON Network (TRC20) Following Circle's announcement that it will discontinue support for USDC on the TRON blockchain, Binance.US will suspend deposits and withdrawals for USDC via Tron (TRC20) after March 30, 2024 at midnight PDT / 3 a.m. EDT.

How long does Binance P2P suspension last? ›

The Platform does not support non-real-name-verified payment methods. The User's P2P function will be suspended for a minimum of 15 days if a non-real-name-verified payment method has been used.

As with other exchanges, Binance users have two choices: They can either keep their funds on the Binance Exchange or withdraw their assets to a self-custodial wallet.

Binance will only lock an account in order to protect user funds and comply with international laws and regulations. In some cases, due to security reasons, an account can be locked, and the user might not be able to regain access.

Alternatively, go to [Wallets] on the Binance app and tap [Spot] - [Withdraw]. You'll see a pop-up window. Tap [Appeal] and follow the instructions. If you cannot see the [Appeal] button, please contact Binance Support for assistance.

Crypto wallet network congestion occurs when there's a high volume of transactions on a particular blockchain network. This can lead to a backlog of unconfirmed transactions, which can cause delays in sending or receiving cryptocurrencies.

In early June 2023, Binance halted USDT deposits due to the U.S. Securities and Exchange Commission's (SEC) aggressive tactics against the crypto industry, which made banking partners hesitant to engage with the sector. This led to Binance suspending direct dollar withdrawals and deposits.