Binance Can't Withdraw? Recover Your Funds In 3 Easy Steps
Binance is an online platform used by many people worldwide and has garnered a lot of popularity in recent years. Rightfully so, because Binance easily ranks as one of the best centralized exchanges. However, here comes a time when you can't withdraw funds from Binance, which can be incredibly frustrating, especially if you don't know the proper procedure to get your funds.
Oftentimes, withdrawing from your Binance account to your bank is pretty easy and takes just a few minutes to complete the process. However, nothing is perfect, and like Gemini, Coinbase Pro, or KuCoin, your Binance funds can be locked for several reasons.
DoNotPay shares an easier way to get your Binance funds quickly and successfully.
What is Binance?
Binance is a cryptocurrency exchange platform that allows its users to trade in different cryptocurrency varieties. Founded in 2017 by Changpeng Zhao, Binance allows account holders to trade with currencies and virtual tokens like Bitcoin, Dogecoin, and Ether.
However, because China has very strict crypto exchange business regulations, Binance moved its headquarters to Malta, EU. New customers must complete the KYC requirements before they can start trading on Binance.
Once you've successfully opened an account, you can add your cryptocurrency amount to your public wallet address and start trading.
How to Withdraw Funds from Binance
As aforementioned, withdrawing funds from your Binance account is relatively easy and takes just a few steps to complete. This segment highlights how to make a Binance withdrawal quickly and successfully. All you have to do is to follow these steps:
- Log in to your account: ensure you're logged in to your account or sign up for an account if you don't already have one. After logging in, click Wallet and click on Fiat and Spot to navigate to the next page
- Click Withdraw: on the next page, you will find the Withdraw button
- Click on the Crypto Tab: you will be required to select the cryptocurrency you want to withdraw
- Select the Right Network: select the currency you want to withdraw on. Some currencies are only issued on specific platforms
- Select a Currency: tap the currency you want to withdraw from your Trust Wallet
- Choose the Receive tab: click the Receive option when prompted to get your funds
- Copy and Paste the Current Address: ensure you copy your currency address when prompted and paste it on your Binance withdrawal page. Ensure everything looks great before clicking the Submit button
- Choose Send Code: you will receive a six-digit code once you click Send Code to initiate the withdrawal process
- Enter the 2FA Code: after you have completed the entire process, you can click the Submit button and wait for the funds. The withdrawal will reflect in your Transaction history
Why Can't I Withdraw from Binance?
While withdrawing from your Binance account is a fairly simple process, there are instances where some funds are locked temporarily or permanently, depending on the circumstance. Like Coinbase, Coinbase Pro, or KuCoin, there's always something additional going on whenever you can't withdraw funds from your Binance account.
This segment highlights critical factors that may result in Binance locking funds and how to fix it yourself:
1. Ongoing Wallet Maintenance
There are certain instances when Binance suspends deposits and withdrawals for a scheduled period. One main reason for suspending deposits and withdrawals is the tech team performing ongoing wallet maintenance.If this is the case, you just need to be patient and wait for the maintenance process to complete and the status to change.
2. Temporary Suspension of Asset Withdrawal
Binance may also block deposits and withdrawals during network upgrades and other major processes that may require shutting down certain services on the platform. Clients won't be able to deposit, withdraw, trade, or manage their wallets until the upgrades and other processes are complete.
3. Failed Verification
If the account suspects suspicious activity on your account, they may ask you to verify your identity using the KYC verification process. If the account suspects fraudulent identifying details, they have the right to hold your funds.
4. Negative Account Balance
Naturally, you cannot withdraw from Binance if you don't have any funds in your account. You also won't be able to trade, purchase, or sell crypto until you solve your negative account balance. The Binance support team clearly states that having a negative account balance or misusing your Wallet are justifying reasons to suspend your withdrawals.
Here are a few methods to access Binance support on your own:
|Binance Customer Support Platform||Support Page|
|Binance Support Live Chat||In-app chat feature in left-hand corner.|
|How to use Binance Support||Resource Page|
|Binance Social Media|| Facebook
Twitter support: @BinanceHelpDesk
Regain Access to Your Binance Account with the Help of DoNotPay
Not being able to withdraw from a Binance account can be a stressful experience, especially if it has never happened to you. It becomes even more frustrating if you don't know why Binance is holding your funds.
DoNotPay provides you with an easier, more efficient, and guaranteed way of withdrawing your Binance funds in 3 easy steps. Here's how:
- Search "Crypto" on DoNotPay.
- Select the crypto exchange platform you use.
- Tell us when this problem started and estimate the losses you incurred from your inability to make trades/cash out.
What Else Can DoNotPay Do?
Besides helping withdraw Binance funds, you can also use the DoNotPay app to help solve these daily life issues:
- Appeal banned accounts
- Cancel anything at the click of a button
- Sue anyone for up to $35,000
- Recover forgotten passwords for any account
- Fight unfair bank fees
- Fight hidden fees and get your money back
You never need to worry about locked or suspended Binance funds again with the help of DoNotPay. We help get the job done for you so you can focus on other, more important things.
Let DoNotPay help unfreeze your funds on Binance instantly!