Why Binance suspended withdrawals? (2024)

Why Binance suspended withdrawals?

The interruption is attributed to the heightened transaction volume experienced on the network, prompting Binance to take necessary measures. Binance, in its statement, acknowledges the inconvenience caused by the intermittent suspension and assures users that efforts are underway to rectify the issue.

Why is Binance not allowing me to withdraw?

Occasionally, we may need to lock your account if you have made recent changes to it. For example, if you have reached out to our team to reset your two-factor authentication, or you have changed your password, we will temporarily disable your ability to withdraw.

Why did Binance stop withdrawals?

The decision comes after months of increased scrutiny from US authorities, which has presented the corporation with significant operating obstacles. Binance US has been the target of several lawsuits over its financial dealings, prompting a review of its offerings.

Why did Binance restrict my withdrawal?

Binance restricts withdrawals for various reasons, including abnormal user profiles, transaction patterns, operating behavior, devices, or environmental factors. For example, Binance may temporarily disable your account's withdrawals if you repeatedly send funds to a blacklisted address.

How long does a Binance P2P suspension last?

The Platform does not support non-real-name-verified payment methods. The User's P2P function will be suspended for a minimum of 15 days if a non-real-name-verified payment method has been used.

Is Binance US suspending USD deposits and withdrawals?

Binance.US Will Suspend Deposits & Withdrawals of USDC via the TRON Network (TRC20) Following Circle's announcement that it will discontinue support for USDC on the TRON blockchain, Binance.US will suspend deposits and withdrawals for USDC via Tron (TRC20) after March 30, 2024 at midnight PDT / 3 a.m. EDT.

Is Binance in trouble?

“Binance's and Zhao's willful violations of anti-money laundering and sanctions laws threatened the U.S. financial system and our national security, and each of them has now pleaded guilty. Make no mistake: when you place profits over compliance with the law, you will answer for your crimes in the United States.”

Why is Binance banned in US?

The SEC had sued Binance, its CEO and founder Changpeng Zhao, and Binance. US's operation in June, alleging in 13 charges that Binance had engaged in a "web of deception," artificially inflated trading volumes and diverted customer funds.

Is Binance working in the USA?

Yes, you can access Binance with the help of a VPN when traveling to the US. But note that not all VPN services are equally effective. So when choosing one, you need to pay attention to several factors, including the number of servers, security features, support options, and so on.

Can I still withdraw my crypto from Binance?

It is possible to withdraw funds from your Binance account. But in order to make that possible, you will have to go through a specific withdrawal process. It's not hard, but following every step is necessary if you want everything to go smoothly.

How do I fix my suspended Binance withdrawal?

In case your account is under restriction and the system does not display any restriction or option to submit an appeal, please contact Binance Support. 4. Click [Submit appeal] next to the suspended function to file an appeal.

What does suspended mean in Binance?

Maintenance: Binance may temporarily suspend trading of a coin for maintenance or upgrades. Other reasons: Binance may also suspend trading of a coin for other reasons, such as if the coin is no longer supported by Binance or if there is insufficient trading volume.

How do I fix restricted withdrawal on Binance?

If you cannot pass the verification, go to the Withdraw Crypto page and click [Withdraw appeal] on the alert, then submit the required documents. Alternatively, go to [Wallets] on the Binance app and tap [Spot] - [Withdraw].

How do I unlock my suspended Binance account?

How to lift P2P suspension on Binance?

1) Log in to your Binance account and click on the "Support" button at the bottom right corner of the page. 2) Navigate to the "Help Center" and search for "P2P Appeal." 3) Click on "Submit a request" to create a support ticket.

Is P2P banned in Binance?

Understanding the Binance P2P Ban in India

Binance, a globally renowned cryptocurrency exchange, had gained popularity for its peer-to-peer (P2P) trading services. However, regulatory concerns have led to the suspension of these services in India.

What states in usa is Binance restricted?

Availability to all U.S. Residents

Binance.US is available to most residents of the United States. However, the platform is still restricted to residents in New York, Hawaii, Texas and Vermont. To truly serve U.S.-based residents to the best of its abilities, Binance.US would ideally be available in all 50 states.

Why is my USDT frozen on Binance?

The exchange will seize funds from illegal transactions. If the exchange has wrongfully flagged your account for illegal activity, take heed to validate your particulars. Once you satisfy their requirements, they'll look into your transactions, and if they clean, they'll restore your access.

What's happening with Binance?

The world's largest cryptocurrency exchange, Binance, has pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the U.S. Department of Justice. Binance founder and CEO, Changpeng Zhao, also known as CZ, has also pleaded guilty and agreed to step down from his position.

Why are people leaving Binance?

Key Binance executives who have been helping the world's biggest cryptocurrency exchange navigate a widening regulatory crisis, including US allegations of fraud, are leaving the company along with many of its US employees, according to people familiar with the matter.

How safe is Binance now?

Binance is a secure exchange and has established itself as a leader when it comes to security approaches with concepts like Proof of Reserves. The platform has taken great lengths to enhance its security and as of 2024, it is one of the most secure crypto platforms available.

Will Binance survive?

The company will survive, however, even though its founder and CEO, Changpeng Zhao, was forced to step down as part of his plea agreement. In the world of federal white-collar prosecutions, where the government usually gets what it wants, Binance's survival is a victory for the defense.

Is Binance safe for US citizens?

Bottom line: Is it safe to use Binance? Binance is generally considered one of the safest cryptocurrency exchanges available. It has implemented extensive security measures, including two-factor authentication (2FA) and offline storage facilities.

Is Binance illegal in the USA?

The SEC alleges that Binance and its U.S. arm, along with Zhao, have been operating as unregistered broker-dealers, violating the Securities Act of 1933 and the Securities Exchange Act of 1934.

What is the issue with Binance in the US?

'Web of deception' In the June lawsuit, the SEC filed 13 charges against Binance, accusing the exchange of mishandling customer funds and offering registered securities, alleging that the company and founder Changpeng Zhao had engaged in an “extensive web of deception.”