Binance Withdrawal Suspended: Why And How Can I Do?

Although Binance is a leading exchange for buying, selling and trading cryptocurrencies, it also often encounters problems such as app crashes, not being able to connect to the internet,... One of the problems that most investors have encountered is Binance withdrawal suspended. Why did this problem occur? What should investors do to fix this problem?

KEY TAKEAWAYS

Binance is a large exchange in the world. However, this exchange also often encounters technical problems.
binance withdrawal suspension is an issue of concern to many investors

Reasons that may lead to you not being able to withdraw money from Binance wallet include maintenance, security checks, network congestion, insufficient wallet balance, identity verification,...
To overcome the problem of not being able to withdraw money from your Binance e-wallet, you can try methods such as: setting a notification when the withdrawal function is restored, choosing another network to withdraw money, reaching out to Binance customer support channels, and await resolution.

WHY BINANCE WITHDRAWAL SUSPENDED?

Binance is a leading cryptocurrency exchange. When participating in trading at this exchange, you can enjoy benefits such as trading, buying and selling cryptocurrencies easily and quickly, high transaction processing speed, simple withdrawal operations, can use of a variety of coins and tokens, access to the exchange anytime, anywhere in the world,....
However, Binance also often receives negative feedback from investors about the exchange's technical issues. In particular, the issue of Binance's suspended withdrawal became their big question. why is my Binance withdrawal suspended? why is Binance withdrawal suspended?

According to Binance, one of the following reasons occurred and affected the exchange's withdrawal:

• Check the security of users' Binance accounts: Binance is a large and reputable exchange. Therefore, security issues are often a concern and are thoroughly implemented by the operators of this exchange. Security checks of a user's account may occur at any time.
• Checking activities are often performed by Binance such as: checking account information, checking identity verification, and checking account activities. If any unusual behaviour is detected, Binance withdrawal is suspended due to risk management will take place and notify the user's registered email.
• Participate in trading activities where your account is limited: depending on each account, Binance may limit different activities. If you still try to perform or participate in activities that Binance restricts, there is a high possibility of Binance being suspended.
• Network congestion: During peak trading times, you may experience withdrawal suspension from your account. During this time, Binance will focus on prioritizing certain transactions such as buying, selling, exchanging money, depositing money,... to ensure the stability and security of the platform. Normally, Binance will notify users of the suspension of withdrawals and give a reasonable amount of time to handle the problem.
• E-wallet maintenance: Binance wallet maintenance is an important activity that needs to be prioritized. In this case, you can only wait for notification from the exchange.
• Try to withdraw the suspended assets that cannot be traded: Binance is a large exchange and supports trading in different coins and tokens. Once these currencies become corrupted, upgraded or have security issues, it is possible that the user's account will not be able to withdraw these currencies to their bank.
• Insufficient wallet balance: Binance withdrawal suspended can also occur due to insufficient wallet balance. You will have to deposit additional funds to use this feature of the platform.
• Haven't passed the platform's identity verification requirements: Binance's mandatory KYC and AML requirements contribute to strengthening the platform's security system. You need to go through these processes to withdraw money from your wallet to your bank.
• Account status information or information about identity verification status are updated on your account. In addition, you can also update and provide additional information to ensure account verification.
• Violation of platform policies.
• An error occurred in facial recognition when withdrawing funds: Binance withdrawal suspended face verification may occur because the platform cannot recognize your face. This is to ensure account safety and transaction security.

When the above conditions occur, Binance will notify you of the situation and the time to fix the problem in the email associated with that account. Binance withdrawal suspended status will be resolved within 2-24 hours. During that time, please wait for the latest notification from the system.

WHAT CAN I DO WHEN WITHDRAWAL SUSPENDED

In case Binance suspended withdrawal is still happening, you can do the following:

• Check the notification and email associated with the account: Binance will notify you of the reason why you cannot withdraw money as well as the solution. Follow the directions given by Binance to improve the above situation.
• Call Binance customer service: if you cannot resolve the above situation yourself, call customer service for assistance in answering your questions.
• If in case of maintenance, you can click set reminder once the maintenance is finished. Also, try other networks for quick deposits or withdrawals.
• Wait: if the system needs time to handle the above situation, wait for the results.

Above are the reasons and solutions for the case of Binance withdrawal suspension that Klarda has compiled. Hopefully, this article will be useful and help you have a more general view of the Binance exchange.