Binance withdrawal failed

Binance withdrawal failed

Robert McDougall 

January 9, 2024

Cryptocurrency

Key Takeaways

  • Binance withdrawal errors can be caused by negative account balance, unverified account, exceeding daily withdrawal limit, recent account changes, policy violations, or external factors.
  • Troubleshooting steps include checking account status and verification, reviewing withdrawal limits and requirements, checking transaction status and blockchain confirmations, and contacting Binance support.
  • Prevent withdrawal errors by keeping account information up-to-date, double-checking withdrawal information before submitting, monitoring your account regularly, and staying informed about Binance updates and maintenance.
  • In most cases, withdrawal errors serve to protect user accounts and assets.

Binance is the largest crypto exchange in the world in terms of trading volume. It is also one of few dedicated crypto trading platforms that allow both fiat and crypto withdrawals. Other crypto exchanges like KuCoin, Bybit, and MEXC do not offer direct fiat withdrawals from their sites. We have never had any trouble cashing out from Binance from our personal accounts. 

That said, there is a chance that your withdrawal request might fail. There can be many different reasons behind this failure and we’re here to examine them. 

Let’s take a closer look at why this error happens, how you can resolve it, and what you can do to prevent it in the future.

Understanding Binance Withdrawal Failed Error

The first thing to understand about this error is that it’s not really an “error” in the traditional sense. In most cases, Binance is actively denying a withdrawal request to protect your assets when certain triggers are detected. Understanding and correcting these potential issues is ultimately better for the long-term security of your account. 

The most notable of these triggers include:

Negative Account Balance

Binance can deny withdrawal requests to prevent a negative account balance. This can happen if:

  • Your previous deposit was revoked by the bank
  • There weren’t enough funds in your bank to complete the deposit
  • Your previous deposit hasn’t been fully processed yet

Unverified Account

Binance complies with the Know Your Customer (KYC) regulation to combat issues like money laundering and terror financing. So, you might not be able to withdraw funds if your Binance account isn’t fully verified. This is why we recommend completing the verification process before you start using Binance or any other crypto exchange with KYC.

Daily Withdrawal Limit

Binance has a maximum daily withdrawal limit that depends on the account verification level. If you try to withdraw more money than this limit, the request will be denied. 

Recent Account Changes

You won’t be able to withdraw for the next 48 hours if you change the password or reset the two-factor authentication of your account. This is to protect your funds if your account gets hacked. 

Policy Violations

You have to agree to Binance’s Terms of Use when creating an account. Under these terms, Binance has the right to freeze your account if you violate the policies like submitting incorrect information or using Binance for any unlawful activity.

External Factors

Sometimes the withdrawal service might be halted due to factors outside of your control. For example, we recently came across the news that Binance is having some issues with Paysafe, a London-based online payments company. Due to this, Binance has halted all deposits and withdrawals for its UK users. 

Troubleshooting Binance Withdrawal Failed Error

If you’re unsure about what’s causing the error, we’ve compiled this list of four key steps you can take to pinpoint and resolve the issue. 

Checking Account Status and Verification

In our experience, checking your account verification status should be the first step of this troubleshooting process. To do this, bring your mouse cursor to the profile icon on the top-right of the Binance window. Now, click the “Account & Settings” button and locate the “Verification & Limits” section to see your verification level.

Here you can see if your account is verified. If it isn’t, complete the step-by-step verification process and try again. 

Reviewing Withdrawal Limits and Requirements

As we mentioned earlier, different account verification levels have different withdrawal limits. An unverified account isn’t allowed to withdraw in fiat and can only take out 0.06 BTC. Getting the “Verified” status on your account will allow you to withdraw up to $50,000 USD or 8 million BUSD daily. 

If you’ve reached this limit and want to withdraw more, we recommend upgrading your account to the “Verified Plus” status. This will increase the daily fiat withdrawal limit from $50,000 to $2 million. 

Checking Transaction Status and Blockchain Confirmations

If your account is verified and hasn’t reached the withdrawal limit, we suggest checking if the previous transactions were completed and recorded on the Blockchain. This can mean both fiat and crypto transfers as a discrepancy in any of them might lock withdrawals until the issue is resolved. If a transaction is mid-processing, wait for it to complete before trying the withdrawal again. 

Contacting Binance Support

Completing the above steps should allow you to resume withdrawals in most cases. But, if you still can’t cash out your funds, contacting Binance customer support is your best option. From our experience, the support team should be able to identify the issue with your account and work with you to resolve it. They can also help you get faster access to withdrawals after making changes to your account’s password and 2FA.

Prevention of Binance Withdrawal Failed Error

As we mentioned earlier, we’ve rarely had to deal with a withdrawal error before. Here are the key steps we take to ensure that it never happens:

Keeping Your Account Information Up-to-Date

Make sure that the info and documents you’ve provided to Binance are accurate and up-to-date. If you change residence, for example, update the new address on Binance as soon as you can. This practice will prevent future issues in your identity verification that can lead to a withdrawal lock.

Double-Checking Withdrawal Information Before Submitting

Before you click the withdraw button, make sure all the info you’ve entered above is correct. Double-check your bank account number for fiat and wallet address if you're taking out crypto. 

Also, make sure that you’ve entered the correct withdrawal amount since a single extra digit can take the withdrawal amount beyond the daily limit.

Monitoring Your Account Regularly

Open the “Verification & Limits” section to ensure that there aren’t any issues with your account status. Plus, pay close attention to any emails Binance sends you regarding your account. If there is an issue, it’s best to notice and resolve it as quickly as possible.

Staying Informed About Binance Updates and Maintenance

Keep an eye out for Binance-related news and announcements. Follow the official Binance Announcements page so you can anticipate and avoid scheduled maintenance periods. External news sources can also help you understand the reasons behind potential withdrawal errors, like the Binance UK situation we mentioned.

Conclusion

Taking your funds out of a Binance account is an effortless process for the most part. But, you can still experience withdrawal errors due to factors like verification issues, withdrawal limits, and more.

The important thing here is to stay calm and troubleshoot the issue step by step. If you can’t understand the underlying issue or find a solution, we recommend you contact Binance customer support and they’ll be happy to help.

Keep in mind that in most cases, the withdrawal error is there to secure your account and funds against misuse.If you keep your account up-to-date and follow Binance’s policies, you will hopefully never encounter this issue again.


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