Why Does It Take So Long to Withdraw From Binance?
When trying to make a withdrawal of your funds using the cryptocurrency exchange Binance you will find that it can take time to receive your funds in your account. The amount of time your transaction takes and how long you have to wait for your funds will vary widely depending on the currency and network you are using and the blockchain your transaction is on as well.
Let's take a closer look at what causes Binance withdrawals to take so long, why Binance accounts get frozen, and what to do if your account funds are frozen. One way to deal with frozen crypto funds quickly, easily, and successfully is the frozen crypto funds product from DoNotPay. Check out these other articles from the product series as well.
- Here’s what to do if withdrawal has been disabled on Coinbase Pro.
- Find out why you cannot withdraw on Gemini.
- Is your Coinbase account frozen?
- What happens when Binance has locked your funds.
- Is withdrawal disabled on your Kucoin account?
Binance Is a Cryptocurrency Exchange
Not just a cryptocurrency exchange, the world's largest cryptocurrency exchange. Binance allows you to trade in more than 600 types of crypto and virtual currency. When you request a withdrawal on Binance the request is processed almost immediately, so what is the hold up?
Types of Cryptocurrency Exchanges
The types of currency traded on Binance vary widely. These are just a few of the well-known cryptocurrencies accepted and traded on Binance.
- Binance Coin
The Withdrawal Process With Binance
Following the steps of the withdrawal process is crucial to a successful transaction.
- Log in to your Binance account.
- In your wallet select withdraw
- Click the tab labeled cryptocurrency
- Select the network that your currency is issued on
- Choose the currency to withdraw
- Select the receive option and copy the crypto address that is displayed
- Paste currency address on the withdraw page
- You will receive another prompt, choose to send a code
- Retrieve and enter the 2FA code that is delivered to your email
Why Do Withdrawals Take So Long on Binance?
If the request is processed right away you are probably still curious what the wait is for. Transactions are processed through a series of network confirmations that must be completed. When the network is heavily crowded those confirmations can take time. The length of time a transaction will take is influenced by the network, the currency, and the blockchain it is processed on.
Binance Account Frozen
If you find that you suddenly have lost access to your funds it is possible that your Binance accounts have been frozen. When assets are frozen there is a hold placed on all funds.
Reasons Accounts Are Frozen
According to the Binance TOS the exchange platform may block, refuse, restrict, reverse, terminate, cancel, or suspend any and all accounts for any reason or for no reason at all.
The following reasons are some of the common reasons accounts have been frozen.
- You are not eligible to use the service
- Unauthorized, unlawful, or fraudulent transactions
- Suspected breach of TOS
- Required by law
- Ongoing or pending litigation concerning the funds
- Identity verification issues
- Any use of the platform that is found to be in connection to unlawful activity, gambling, abuse, fraud, or intellectual property infringement
Contact Binance Support
The only ways to contact Binance support are through the live chat option or through the online contact form. The live chat option can be accessed through the app or through the online portal. The contact form sends your email to email@example.com.
|Online Support||Live Chat|
|FAQ Page||Help Center|
Is There an Easier Way to Get Access to Your Funds?
"DoNotPay is the easiest, fastest, most convenient way to legally demand access to your account and your funds by automatically sending the exchange a demand letter."
All it takes is three easy steps and you should have a reply within two weeks. No endless waiting, unsure if your message was even received while you are deprived of your funds.
All you have to do is:
- Sign in and search for "Crypto" on the DoNotPay website.
- Select Binance or the crypto exchange platform you use.
- Tell us when this problem started and estimate the funds you have lost due to your inability to make trades/cash out.
That's all you do. Our product will take your answers and create a letter that will demand the exchange unfreeze your funds and allow you access to your account before you have to take legal action. The letter demands a response within two weeks and sends the letter on your behalf.
More Stuff DoNotPay Can Help You Do With These Products
Want to save time and save money? You can do both quickly, easily, and successfully with the products from DoNotPay. When you sign up you will have access to the frozen crypto funds product to unfreeze your accounts on Binance or any exchange platform but that is just one product. Here are some more to check out.
- Get your money back when you fight hidden fees.
- Recover passwords you forgot for any account.
- Appeal an account that has been banned.
- Sue anyone in small claims court up to $35,000.
- Fight bank fees, we show you how.
- Cancel any membership or subscription at the click of a button.