Users of the leading crypto exchange Binance may occasionally come across an error message and not know what it means. One of the more concerning error messages is the following: “withdrawal suspended due to risk management.”
There are several reasons why a user may experience this error and have their withdrawals from Binance temporarily suspended.
Read on to find out why you are receiving this error and what you can do to get your account back in working order.
Why Can’t I Withdraw or Trade?
It can be frustrating to get an unexpected error message or have your account withdrawals temporarily suspended. Thankfully, Binance Support provides a trouble-shooting page to help users figure out what’s going on.
According to Binance, the exchange’s automated system will occasionally lock a user’s ability to withdraw funds from their account under certain circumstances. While there are a few reasons why a user may experience this error, one of the more common causes is a lock placed on new ACH (automated clearing house) and debit deposits.
Binance requires all new ACH and debit deposits to be subject to a brief withdrawal lock period. During this period, users will be unable to withdraw USD (or their local fiat currency) or cryptoassets that were funded by the deposit. Debit deposits are subjected to a 5-day withdrawal lock, while ACH requires a 10-day withdrawal lock. This means that if a user were to make a deposit with a new ACH, they must wait 10 days in order to make any withdrawals on those funds.
One explanation for the hold is that Binance provides the convenience to users of pre-crediting their account when an ACH or Debit Card deposit is created. In reality, it takes 2-7 business days from the original date of the transaction for Binance to charge the connected payment method, meaning that the deposited funds must remain in the account during that time.
Negative Account Balance
Users may also see the error message that the withdrawal has been suspended due to risk management from a negative account balance. According to Binance, users may experience this error when they selected to make a deposit to their account, but the payment provider was unable to pull the funds from the corresponding bank account.
Binance may be unable to retrieve funds from your account for a number of reasons, including,
- The deposit, while authorized by the user, was revoked by the banking institution. The bank may have placed a stop payment on the transaction, the transaction may have been flagged for suspicious activity, or a dispute could have been filed in association with the transaction.
- If a user has insufficient funds in their bank account while processing the deposit, they will receive an error message that their withdrawal was suspended.
- The bank account was closed prior to the execution of the deposit.
- Funds in the account were not fully available for withdrawal, such as a check deposit hold.
Users can navigate to the “deposit and withdrawal history” page to find more information on the status of their deposit.
How to Restore Access to Withdrawals for Negative Account Balance
When a user receives the error message that their withdrawal has been suspended, they must go through the process of restoring access to their funds.
To regain access, Binance requires users to settle their outstanding balance by making a new deposit. Because Binance pre-credits a user’s account, their system puts deposit holds in place in order to prevent an account from going negative. Users can settle their balance with a number of different deposit options, including ACH, Debit or Domestic Wire transfer.
Also read: Where is Binance Located?
Account Verification and Recent Account Changes
While less common, Binance may also lock the withdrawal function on a user’s account due to account verification. According to the exchange, the firm needs time to finish verifying a user’s identity before they can allow access to withdrawals. Binance asks that users contact their support team and provide the necessary documentation in the event that their account needs to be verified.
Binance can also occasionally lock an account if recent changes have been made. As an example, the exchange will temporarily disable a user’s ability to withdraw funds from their account if they reach out to the support team to reset their two-factor authentication. In these situations, the exchange asks users to be patient and wait at least 48 hours for their withdrawal function to be reinstated.
While these cases are rare and may vary on an individual basis, Binance asks users who have had their accounts frozen to reach out to the support team in order to receive assistance.
Trouble-Shooting the Process
While Binance’s support team is generally a helpful resource for problems related to the exchange, several members in the crypto community have offered suggestions for users who continue to experience problems related to withdrawal suspensions. Some users have recommended using an alternative method for logging onto the exchange. For users receiving the error message through the mobile app, it is recommended to switch to the desktop browser to see if the issue persists, and vice-versa.
Other users recommend making sure that an account is fully verified with the proper documentation, including going through the steps involved in Binance’s facial verification. Binance is required, for both security and know-your-customer guidelines, to obtain identity verification on users of the exchange.
Make sure to rule out any other reasons for why a temporary withdrawal suspension would be placed, such as recently changing your password or undergoing a system upgrade. In such cases, the account typically takes at least 48 hours to be reinstated.
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