Binance Withdrawal Suspended? See Why & How To Fix It
Binance is the world’s largest crypto exchange, and there isn’t any doubt about it.
People can perform trades, crypto purchases, process payments, and more.
One of the biggest advantages of this centralized exchange is the fact that users can sign in, verify their account, and get a fiat withdrawal completed in no time.
The withdrawals function is one of the most widely used by the people who access this exchange on a daily basis, so having this feature available at all times is a must.
Nonetheless, the platform might get the feature for processing withdrawals temporarily disabled in case there are some issues going on.
If you are having problems using the withdraw function in Binance, then continue reading this blog post to get more information about the following matters:
- Binance withdrawal suspended: reasons that caused this inconvenience;
- What to do if you can’t process crypto withdrawals;
- How to fix withdrawal problems related to Binance.
Why is the World’s Largest Crypto Exchange Suspending Crypto Withdrawals?
If you want to trade crypto, you go to Binance.
If you want to make a transaction related to the crypto world, probably the Binance website is your top choice as well.
We all can agree that Binance is the best exchange out there: if we review all the features of this exchange, then we’ll realize all its advantages.
However, nothing is perfect.
In November 2021, the exchange announced that withdrawals were briefly suspended.
But, why did this happen? It doesn’t matter if you wanted to click the withdraw option on your browser or mobile device - it didn’t work at the time.
Well, Binance tweeted that the suspension of withdrawals was due to a large backlog in their database.
The support team was working hard to get all the issues solved.
Nonetheless, this would lead to an unprecedented amount of messages by the community, some even deleted by now.
People wanted to have the withdrawal feature resumed as soon as possible, but the team was making everything they could.
Thus, if you wanted to deposit your funds into your bank account, then you would have to wait for withdrawals to get resumed globally.
This suspension created a lot of controversy among Binance users.
You can get more information about withdrawals being temporarily suspended on Binance official Twitter by clicking here.
Read Also: Usually, Withdrawing from Binance to Bank is a pretty easy transaction that takes place in no time.
Making a deposit is really easy, and so is managing your funds.
Binance Withdrawal Suspended: Reasons and How to Fix It
Even though the reasons that lead withdrawals to be temporarily suspended back in November 2021 were really specific, note that your funds might be held due to other reasons as well.
If you can’t move your money from your wallet to your bank account, then there’s something additional going on.
We can all agree that Binance is a trustable exchange, as we have stated in other articles on our sites, but issues can happen.
Without further ado, let’s review some of the main reasons and fixes for withdraw issues in Binance.
1. Wallet Maintenance Going On
From time to time, Binance will get deposits suspended if there’s a maintenance procedure going on at the moment.
You won’t be able to access your money or trade assets while the maintenance is taking place.
This is one of the most common reasons for a suspension.
Nonetheless, you just need to have some patience and wait for the maintenance status to change.
Click here to get the latest articles related to Binance updates: Binance Announcements.
2. Asset Withdrawal Temporarily Suspended
Network upgrades in certain assets will get withdrawals temporarily suspended for that specific digital asset.
Therefore, you won’t be able to trade, deposit, or manage your wallet related to that asset.
Processing crypto requires general upgrades, so the reasons that are causing the issue are perhaps related to this matter.
3. Negative Account Balance
Risk management is a serious issue in Binance. The platform might get withdrawals in your account suspended due to a negative balance.
You won’t be able to trade, sell, or purchase crypto until you solve these matters.
It’s necessary to settle the new balance by making funds deposit again in your account and waiting for the problems to be solved.
Support clearly states that not having enough funds or misusing your wallet are just some of the reasons that led your withdrawals to be suspended.
Click on the following link to learn more about this matter: Binance Risk Management and Negative Balance.
4. Failed Verification in Your Account
Verifying your account is utterly important.
All users are subject to verification, so if you want to use all features on your Binance wallet, then you need to verify your identity.
Luckily, we have written a blog post where we explain to you all you need to know about the Binance KYC Verification Process - check it out!
5. Binance Policy Violations
Failing to comply with Binance ToS will certainly result in your account being suspended.
If you believe that support made a mistake, get a dispute filed and try to contact the appeal team.
In any case, using false information, proxies, and performing suspicious behavior are just some of the reasons that can lead Binance to suspend withdrawals on your profile.
That’s all you need to know about this topic! For more Binance-related articles, keep checking GrowFollowing whenever you have a chance.
Binance Withdrawal Suspended FAQ
Why Can’t I Withdraw Rewards for Binance Staking?
Maybe your account has been suspended due to one of the previously mentioned reasons, or perhaps there’s just a maintenance procedure going on.
Learn more about Binance Staking here.
Why Did My Binance Deposit Fail?
Usually, deposit issues are related to your fiat payment method instead of Binance’s platform.
In this case, we highly recommend you check our Binance Deposit Failed blog post so you can get all the information you need about this matter.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.