Are you one of those who recently had their Binance withdrawal suspended out of the blue?
If you want to withdraw funds from Binance, you may sometimes run into this issue. While Binance is certainly one of the best crypto exchanges facilitating cross-chain transfers, the exchange often comes with common everyday problems such as issues with the Binance app not working or its abrupt withdrawal suspension.
Let's now take a look at what causes Binance to suspend its withdrawal, and how users can navigate through the issue to initiate successful transactions.
Why Is My Binance Withdrawal Suspended?
According to Binance, there are a few confirmed reasons that may cause Binance to suspend withdrawals at certain times. These are:
Wallet Under Maintenance
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.
Problem With The Asset You Wish To Withdraw
Users may also encounter withdrawal suspensions when there is an issue with the asset that they're initially trying to withdraw. In this case, the reason for this comes from the network rather than Binance.
This often happens when network upgrades happen, or when the network gets compromised. Trading for Luna was suspended on several exchanges after the Luna crypto crash.
Binance Account Suspended
In the case of account suspensions, you may see your Binance withdrawals suspended - whether due to policy violations, failing verification, or suspicious activity on the account.
How Long Will My Binance Withdrawal Suspension Last?
Binance will sometimes issue an estimated recovery time when it blanket suspends withdrawal from its exchange. The exchange also enables users to set reminders in case they wish to receive notifications/announcements on their phones. Alternatively, you can follow the Binance Twitter account and announcement page.
More generally, it can take between 2-24 hours for the withdrawals to activate following the suspension.
If your Binance account was suspended due to various KYC or suspicious activity reasons, you can reactivate your account, too. To do so, you will need to submit a pretty specific guide from Binance for a statement video.