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Binance is one of the largest multifunctional cryptocurrency trading platforms globally today. However, newcomers to the platform may find it difficult to withdraw money from Binance and do not know Binance withdrawal processing time. The following article learns all the most complete information about withdrawing cash from Binance to your bank account.
How to withdraw money from Binance exchange
Users can withdraw money from Binance exchange to their bank account with a few simple steps. Here are the step-by-step instructions:
Log in to your Binance account.
* See more: The complete guide Binance from a to z
Select the Wallet tab, and select Overview. Then click [Withdraw] and choose [Withdraw Fiat]
Select the currency you want to withdraw and click Continue. Currently, Binance only allows withdrawals: USD, AUD, BRL, EUR, GBP, RUB, TRY, UAH, UGX, KZT, NGN.
Fill in the payment account information in the planting boxes and click Next. Follow the required steps and enter the verification code to confirm the withdrawal request.
How to withdraw fiat from Binance exchange to your bank account
Using Binance’s withdrawal feature incurs withdrawal fees and unit limits, so everyone does not universally use it. Most users choose to withdraw fiat money from Binance through P2P Trading. Proceed as follows:
Log in to your Binance account. On the toolbar, select Buy Crypto, then click P2P Trading.
Select P2P and click Sell. Then select the electronic currency in the account you want to convert to cash and choose the unit of money you want to receive. Currently, the P2P feature only accepts some coins such as USDT, BTC, BUSD, BNB, ETH, DAI. If users have other currencies, they can switch to one of the above coins to withdraw cash. In the illustration below, the user has USDT and wants to withdraw USD to his bank account.
Choose the right seller and click Sell:
- The Advertisers column lists buyers with the number of transactions they have made (orders) and success rate (completion). Sellers with a gold stack next to the name are more reputable sellers.
- The Price column is the price they are willing to buy the coin.
- Limit/Available column shows liquidity
- The Payment column shows the payment method
- The Trade column shows the status of their trade.
Carefully review the information about the exchange rate, liquidity amount, payment method, and terms of the buyer. If appropriate, enter the number of coins you want to sell to withdraw cash in the box I want to sell and click Sell.
After receiving the money into the bank account, the user needs to press release the coin to pay the buyer. Do not believe in the payment images sent by the buyer. Only click to release the coin when the money has been received in the account to avoid fraud. P2P is the most popular and convenient way to withdraw cash from Binance to your bank account.
Binance Exchange Fees
Binance charges fees for withdrawals through the Withdraw feature. This fee is fixed, used to pay for network transaction costs. Each blockchain has different prices, depending on the specific currency the user is using. In addition, fees may vary depending on network activity. Users can check the exact cost by accessing the Withdraw feature as instructed above.
Minimum withdrawal amount on Binance
Binance exchange applies a minimum withdrawal amount for each cryptocurrency. Users cannot withdraw a smaller amount in Withdraw feature. With the P2P part, the minimum withdrawal amount depends on each buyer.
Successful Binance Withdrawal Processing Time
Binance withdrawal processing time. Normally, Binance immediately processes a user’s withdrawal request. However, each blockchain takes time to complete the transaction confirmation. This time is not the same for each blockchain. For example, Binance Smart Chain can complete transaction confirmations in just a few minutes. Meanwhile, Bitcoin can take anywhere from 10 minutes to 30 minutes. Even Ethereum may take longer.
Binance generates a TxID (Transaction ID) to issue the withdrawal transaction when a user withdraws. However, the transaction may be delayed depending on the number of network confirmations required. Binance offers 30-60 minutes for users to track their withdrawal progress. To check the withdrawal status on Binance, users can go to the Binance transaction history page (Wallet/Overview/Transaction History).
See more: How to view deposit and withdrawal history, transaction history on Binance?
Some information to know about Binance withdrawal processing time
Why is my withdrawal on Binance stuck in processing?
Users may get stuck during withdrawals due to the high number of network confirmation requests or network congestion. If less than 30-60 minutes after TxID (Transaction ID) is generated, the user needs to wait for more. In particular, the Bitcoin network usually takes longer to confirm, so it may take longer for users to wait.
Why can’t users withdraw from Binance?
Users cannot withdraw from Binance during Binance system upgrade, or new users change their password. If the reason is from Binance, users can contact Binance support. System upgrades can take anywhere from 30 minutes to 24 hours. Withdrawal is disabled until the system upgrade is completed. Users can check in the notification mailbox. In addition, if the new user changes the password within 24 hours, the withdrawal is also not possible to ensure safety and security.
How to fix withdrawal error from Binance to bank account?
If the user has not received the money after making the withdrawal after 6 hours, the user can wait for more or contact Binance support. However, if the money has not been received after 10 to 20 minutes, the user should stay. Users only contact Binance support through the Binance homepage and do not provide passwords or OTPs to anyone claiming to be Binance support staff to ensure the security of their account. Binance never asks customers for OTP codes. Therefore, if someone claims to be a Binance support officer and asks the user for an OTP, it could be a scam.
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FAQs
Fiat withdrawals to bank accounts can take anywhere from 1 to 5 business days. Although Binance is the world's largest cryptocurrency exchange by trading volume and user count, there are some problems that can occur when trying to withdraw both fiat and cryptocurrencies.
How long does Binance pending withdrawal take? ›
9. After confirming the disbursem*nt email, your funds will be sent to your bank account. Depending on your financial institution, this can take anywhere from 1-5 business days.
Why is Binance not processing my withdrawal? ›
Account Verification
Another reason we may lock your withdrawal function is that our firm needs to finish verifying your identity. Please open a chat session with Customer Support, and we'll ask for the necessary documentation.
Why does it take 10 days to withdraw from Binance? ›
Binance requires a 10 day waiting period before users are able to withdraw funds from their account. This waiting period is in place to ensure the security of user funds and provide additional time for Binance to investigate any potential fraudulent activity.
What is the fastest way to withdraw from Binance? ›
How to Withdraw ZAR from Binance via Bank Transfer
- Log in to your Binance account and click [Wallet] - [Overview].
- Click [Withdraw].
- Choose the currency you want to withdraw and click [Bank Transfer (EFT)].
- You will be asked to fill in your bank account details if you have not done so before.
(Reuters) - Crypto exchange Binance said that it has resumed Bitcoin withdrawals after a brief closure due to a congestion issue.
How long does a pending withdrawal take? ›
If you see a pending withdrawal in your account, it may be for a couple of reasons: You scheduled a transfer of available cash to your bank account that hasn't yet cleared. Transfers take four business days to process.
How do I check my Binance withdrawal status? ›
How do I check the transaction status on the blockchain? Log in to your Binance account and click [Wallet] - [Overview] - [Transaction History] to view your cryptocurrency withdrawal record. If the [Status] shows that the transaction is “Processing”, please wait for the confirmation process to be completed.
How long does a pending crypto withdrawal take? ›
This can take from 1 to 24 hours (barring unexpected or unavoidable network issues). Check the number of confirmations needed for each cryptocurrency to be credited to your CEX.IO balance.
Why is my Binance transfer taking so long? ›
Due to possible network congestion, there might be a significant delay in processing your transaction. You may use the TxID to look up the status of the transfer of your assets using a blockchain explorer.
Binance – the world's largest crypto exchange – announced on Monday that it will pause all deposits and withdrawals in USD from bank accounts starting February 8.
How long does Binance take to verify bank account on withdrawal? ›
For the majority of routine account verifications, the process only takes a few days. Some verifications may even take a few minutes, and some may take up to 10 days.
How long can Binance hold your money? ›
All new ACH, Debit, and Apple Pay deposits are subject to a brief withdrawal lock period. During this lock users cannot withdraw USD or Crypto funded by these deposits for the following time periods: Debit: 7 days withdrawal lock. ACH: 7 days withdrawal lock.
What is the max daily withdrawal on Binance? ›
Please complete identity verification to increase your daily withdrawal limits to up to 100 BTC. Note: Withdrawal limits refresh on a 24 hours rolling basis.
Is there a problem with Binance today? ›
Binance is up and running now.
Can I withdraw from Binance to PayPal? ›
Log into your Binance account. Select on Withdraw tab. Click on the Fiat tab, and choose the currency you want to transfer to PayPal. Enter the withdrawal information, click on continue to proceed further, including details of the recipient wallet.
Can you trade on Binance in USA? ›
Is Binance legal in the USA? Binance is legal in the U.S. However, the U.S. version has fewer features than the full website includes.
Why did Binance freeze withdrawals? ›
According to Binance.US, the decision to suspend deposits made via U.S. dollars is an attempt to protect their customers. Additionally, the crypto exchange said their banking partners are expected to suspend avenues for U.S. dollar withdrawals from the platform as early as June 13.
Which network to use when withdrawing from Binance? ›
A simple rule of thumb is to always select the coin's native network. For example: BTC should be sent to your Ledger Bitcoin address via the BTC/Bitcoin network. ETH and ERC20 tokens should be sent to your Ledger Ethereum address via the ETH/ERC20 network.
How long is Binance withdrawal suspended? ›
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.
Why Does My Binance Withdrawal Take So Long? Due to a high number of required network confirmations or because of network congestion,your Binance withdrawal is blocked in the processing stage. Additionally,the TxID(Transaction ID)may not have yet been generated if it hasn't been 30 to 60 minutes.
Why is my crypto withdrawal still pending? ›
Incoming transactions show up in your account almost instantly but show as Pending until there have been enough network confirmations. Once a transaction is confirmed, it will show Completed, indicating that the transaction can't be reversed and the funds can be withdrawn.
How do I get my money out of pending? ›
A pending transaction will affect the amount of credit or funds you have available. Canceling a pending transaction usually requires contacting the merchant who made the charge. Once a pending transaction has posted, contact your bank or card issuer to dispute it.
How do I retrieve a withdrawal from Binance? ›
Log in to your Binance App and tap [Wallets] - [Spot] - [Withdraw].
- Choose the cryptocurrency you want to withdraw, for example, BNB. ...
- Enter the withdrawal amount and you will see the corresponding transaction fee and the final amount you will receive.
Weekdays only, excluding weekends and public holidays.
How to do face verification on Binance for withdrawal? ›
You may choose to complete the facial verification through the website or the App. If you are using the App, go to [Spot] - [Withdraw] and tap [Verify Now] on the pop-up window. Then complete the face verification as instructed.
Can I withdraw crypto instantly? ›
There are typically four ways to turn Bitcoin into cash instantly: Use a crypto debit card like the BitPay Card. Sell crypto for cash on a central exchange like Coinbase or Kraken. Use a P2P exchange.
Can you withdraw crypto immediately? ›
Withdrawals to an external address may take 2-3 hours to process. Withdrawals to the Crypto.com App are instant.
Can I withdraw money from crypto instantly? ›
It takes Crypto.com about 1 to 2 business days to process fiat withdrawals from the exchange, and cryptocurrency withdrawals are usually processed within 2 to 3 hours.
How long does a Binance bank transfer take? ›
Generally, wire transfers may take up to 3 business days for the deposit to arrive in your Binance.US account. If you do not receive your wire transfer after the third business day, please Chat with Support.
Log into your account on the Binance P2P page and go to P2P Trading. Select [NGN] fiat currency, then select [Buy], and select [Instant Bank Transfer] in the payment method drop-down menu.
Does Binance transfer immediately? ›
The new internal transfer function via a phone number/email/Binance user ID/Pay ID is free of charge, and funds will arrive immediately. Please double-check that you've entered the correct details, as the payment is not refundable.
Is Binance still banned in US? ›
Just days after the Securities and Exchange Commission sued it, the American arm of Binance, the giant cryptocurrency exchange, announced some painful news: It will no longer allow customers to trade on its platform using U.S. dollars.
How long does it take for Binance to review your account? ›
How long does Binance US advanced verification take? The Binance US advanced verification process usually can take a few minutes, or up to 10 days, for Binance to verify your documents. It will depend on the complexity of the verification process and other factors.
How much can you withdraw from Binance verification? ›
Verified Plus — Crypto deposit unlimited. Crypto withdrawal limit $8 million BUSD. Fiat deposit and withdrawal $2 million. Unlimited P2P transactions.
Is it safe to leave your money in Binance? ›
Binance is one of the safer exchanges compared to others. So if you're actively trading crypto and need to keep it on an exchange, Binance is a pretty secure choice. However, if you're holding large amounts of crypto long term, a private hardware wallet may be a better choice than keeping it on an exchange.
Why is my money frozen on Binance? ›
One possibility is that your bank has flagged your transaction as suspicious and frozen your account for security purposes. Banks employ various safeguards in place to detect fraudulence such as money laundering etc and may suspend accounts they believe to be engaged in such activity.
Can I withdraw more than 5000 from Binance? ›
Bank transfer (ACH) is a popular and easy payment method for US-based users of Binance to deposit funds into their accounts. Currently, Binance customers can deposit (and withdraw) up to $5,000 each day without any fees.
How much can I withdraw from Binance without verification? ›
No, you cannot withdraw from Binance without a verified account. Binance has strict security measures in place to protect users' funds and prevent fraudulent activities, and completing the verification process is one of the requirements to use certain features of the platform, including withdrawals.
Does Binance have a high withdrawal fee? ›
Binance increased its bitcoin withdrawal fees from 00002 BTC ($5.59) to 0.001 BTC ($27.94) per withdrawal, a spokesperson told Blockworks. “Due to an increase in the overall network fee on the Bitcoin network, the operational cost of maintaining withdrawals for BTC also increases,” they said.
The American branch of Binance, the giant cryptocurrency exchange, said late on Thursday that it would no longer allow customers to trade on its platform using U.S. dollars, after its banking partners cut the firm off in response to a crackdown by federal regulators.
Can I talk to someone on Binance? ›
Binance.US customers can now also connect directly with a dedicated customer support agent using our Live Chat service. Live Chat is available 24/7, and joins our existing ticket-based email support solution.
Where are the Binance servers located? ›
Binance servers are located in AWS ap-northeast-1 region (Tokyo, Japan).
What is the 10 day waiting period for Binance? ›
In conclusion, the 10-day withdrawal hold period on Binance is a security measure that is designed to protect your funds from unauthorized access. While it can be frustrating to wait for your funds to become available, it's important to remember that this policy is in place for your own protection.
Can you cancel a withdrawal on Binance? ›
The moment the assets leave your Binance.US account, it is impossible to cancel or reverse the transaction.
How long does a Bitcoin withdrawal take? ›
In most cases, BTC withdrawals normally should take approximately 2 hours, subject to network conditions.
Why is my Binance withdrawal to my bank taking forever? ›
Why Does My Binance Withdrawal Take So Long? Due to a high number of required network confirmations or because of network congestion,your Binance withdrawal is blocked in the processing stage. Additionally,the TxID(Transaction ID)may not have yet been generated if it hasn't been 30 to 60 minutes.
How do I check my pending withdrawal on Binance? ›
How do I check the transaction status on the blockchain? Log in to your Binance account and click [Wallet] - [Overview] - [Transaction History] to view your cryptocurrency withdrawal record. If the [Status] shows that the transaction is “Processing”, please wait for the confirmation process to be completed.
How long does Binance bank transfer take? ›
Generally, wire transfers may take up to 3 business days for the deposit to arrive in your Binance.US account. If you do not receive your wire transfer after the third business day, please Chat with Support.
What is Binance 24 hour limit? ›
Within a 24-hour period, you can withdraw the 2,000 USDT (1 BTC will remain in their account) or the 0.2 BTC (0.8 BTC and 2,000 USDT will remain in their account, which is equivalent to 1 BTC in the example).
If the transaction is still in a pending state, you may need to wait for it to be completed or canceled before you can access your account again. If the pending transaction is due to insufficient funds, you will need to deposit more funds into your Binance account to complete the transaction.
Does Binance work in USA? ›
Binance.com is available worldwide except in the US. Binance.us is exclusively for the US (not all states) but it offers less than 70 cryptocurrencies, compared to Binance.com's 500+ crypto selection. Binance.us also offers lower fees than the global website but transactions typically take longer.
What is the risk warning on Binance withdrawal? ›
Your withdrawal may be at risk. You can try again in 48 hours. Please be patient and kindly wait for 48 hours. This is a security measure for the protection of your assets and cannot be lifted in advance.
How long does it take for a withdrawal to be processed? ›
The timing of a withdrawal depends on several factors including what time of day the withdrawal request is made and the institution receiving your funds, but most withdrawals take 3 to 4 business days before the requested funds are received.
What is the fastest Bitcoin withdraw? ›
Cloudbet accounts take just seconds to open and deposits are processed swiftly. When it comes to payouts, this is one of the best Bitcoin casinos with instant withdrawal. In most instances, Cloudbet approves payouts automatically, so players expect to receive the crypto tokens in their wallet in several minutes.
