However, as good and reliable as Binance is, plenty of other crypto exchanges have popped up since then. So, it's quite natural for traders to want to make a switch. Whatever the reason, this article will teach you a foolproof method on how to delete your Binance account.

Pre-deletion Considerations

If you didn’t know this already, deleting your Binance account is a big deal. You’re effectively removing all of your personal information from the account including your transaction history, account history and other personal data. Not only that, but you’ll also lose any access to funds that might still have been in your Binance account prior to deletion. 

The first thing I’d recommend you do is take out all of your funds from the account either by withdrawing to your bank account or crypto wallet, or sending your crypto to your new exchange. 

You’ll also want to take a close look at your transaction history before deletion and backup any transactions that might prove insightful for your future. The same applies to your transactional data as well.

Step-by-Step Guide to Deleting Your Binance Account

Fortunately, Binance makes it quite easy for traders to delete their account on the platform. Allow me to take you through the entire process, step by step. 

Before we begin though, you should know that you can only delete your account through the Binance app on your mobile and not through the website. 

Step 1: Login to Your Account

Sign into your account with your email address and password that you used to set up your Binance account. If you have forgotten this, you can recover your password.

Step 3: Navigate to 'Manage Account'

Once you are in your Settings tab, scroll all the way down until you see 'Security'. Click that, then scroll to 'Manage Account'. Once you click that, you will see two options: 'Disable Account' and 'Delete Account'. Click 'Delete Account' to begin the process.

Step 4: Provide a Reason for Deleting your Account

Once you click on the Delete Account option, you’ll be redirected to the deletion reason page. There are three potential reasons that you can choose from. Select the option that most suits your reasoning for deleting your account.

Step 5: Accept Terms and Conditions

Clicking on the continue button will bring you to the terms and conditions page. Once you’ve read through carefully, click on the Accept & Continue button to move to the final page. 

Step 5: Confirm Deletion

All that’s left now is to delete your account permanently. Binance will take you to the final screen, showing you any assets you still have in your account. Here you’ll have to tick the “I agree and accept to lose all my assets'' button, and finally click the 'Delete Account' button at the bottom of the screen. Binance will delete your account within a few seconds. 

Post-Deletion Recommendations

Binance is not known to linger for too long when executing the deletion of an account. That being said, it's still good for peace of mind to receive confirmation of your account’s deletion. We recommend three post deletion steps to receive that peace of mind.  

The first is checking for a confirmation email that Binance sends out once the deletion of your account is complete. This email should arrive within a few minutes to an hour of you completing the deletion process. 

The second step is to make it a habit to check for any unusual activity on the account even after the confirmation email comes in. 

Lastly, we’d recommend deleting the Binance apps from your phone after the deletion process is complete as a way to gain some closure. 

Alternatives to Account Deletion

The only time you should permanently delete your Binance account is when you want to discontinue crypto trading altogether. Otherwise, you’d be very well served to keep your account on the platform or just disable it instead. 

The process for disabling your account through the Binance app is quite similar to the deletion process. The only difference is that you’ll need to click the 'Disable Account' option instead of 'Delete Account' at Step 3. 

Enabling your account after disabling is easier as well. All you’ll have to do is contact the Binance customer support team to reactivate your account. 

Lastly, another alternative you could go for instead of deleting your account is beefing up the account’s security. This is especially if you have privacy concerns about your account. Binance does allow you to enhance the security features of your account by enabling two factor verification and by setting up withdrawal whitelist addresses. 

Common Reasons for Leaving Binance

After thinking long and hard we’ve come up with three total reasons why you’d want to leave Binance, either permanently or temporarily. 

Better Features Offered by Other Exchanges

There is no denying the reliability of Binance as a platform for crypto trading, but there are plenty of exchanges around at the moment that offer better features. 

KuCoin for instance, has a more diverse list of major cryptocurrencies for users to trade along with a greater variety of new listed altcoins. MEXC is another excellent option that offers zero fee trading and more than 2,960 cryptocurrencies.

Privacy Concerns

Binance’s history tells us that the platform is quite prone to security breaches. The breach on May 7, 2019 for example is a pretty well documented event in the history of the platform. 

While Binance has rectified the holes in their security, the exchange still remains the most popular crypto trading platform, with the largest volume on a daily basis. This makes it a high value target for hackers. 

Geographical Restrictions or Regulatory Issues

Despite being one of the largest crypto exchanges in the world, some of Binance’s users continue to face some regulatory and geographical issues. While these issues are through no fault of Binance itself, users may be restricted by the laws of their government. 

Repercussions of Deleting Binance Account

You may not realize it at the time but there are plenty of repercussions of deleting your Binance account, which we cover here.

Irretrievability of Transaction History

It's a well known fact that once you permanently delete your Binance account, your transaction history on the platform is lost forever. This is a major downside as having access to your transaction history can help stop you from making the mistakes you’ve made earlier. 

Time Consuming Account Recovery Process

It is said that once you delete any account, it's lost forever. Now, while that may not be true in the case of your Binance account, the procedure for recovering your account is quite painstaking and time consuming. 

Loss of Any Referral Bonuses and Loyalty Programs

Once any trader makes an account on Binance, they immediately become eligible for receiving referral bonuses and loyalty rewards. These bonuses and rewards may come in the form of Binance’s native token. However, you lose access to all of these bonuses as soon as you delete your account.

Conclusion

In conclusion, while Binance has been a prominent and reliable player in the cryptocurrency exchange arena, there are valid reasons for users to consider deleting their accounts. This article provided a step-by-step guide for account deletion, as well as alternative options like disabling the account or enhancing security. It also highlighted common reasons for leaving Binance, such as seeking better features or addressing privacy and regulatory concerns. 

However, users should be aware of the irretrievability of transaction history, the time-consuming recovery process, and the loss of referral bonuses and loyalty rewards when opting to delete their Binance accounts.