Binance restarted withdrawals of Bitcoin after citing congestion on the token’s blockchain for two halts in less than 12 hours, suspensions that weighed on cryptocurrency markets.
The company said higher fees have been applied to pending transactions so they get picked up by Bitcoin miners — the computer rigs that operate the network. Withdrawals had been down for over two hours on Monday in Asia.
FAQs
Binance restarted withdrawals of Bitcoin after citing congestion on the token's blockchain for two halts in less than 12 hours, suspensions that weighed on cryptocurrency markets.
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 pause withdrawals? ›
Oct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.
Is Binance money laundering? ›
Binance agreed to pay more than $4 billion in fines and other penalties as part of a coordinated settlement with the federal government last fall. The company admitted to engaging in anti-money laundering activities, unlicensed money transmitting and sanctions violations.
Why is my Binance withdrawal Cancelled? ›
Binance suspends its withdrawals when the wallets undergo periodical maintenance. In some cases,a database glitch or another error relating to the exchange may cause some withdrawal problems. This might then have the knock-on effect of withdrawals being suspended as these are fixed.
Is Binance suspending withdrawals? ›
Users cannot withdraw USD without first converting it to stablecoins or another digital asset.
Is Binance.US in trouble? ›
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.”
Did Binance halt BTC withdrawals? ›
May 8 (Reuters) - Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees.
Why did Binance freeze my funds? ›
Frozen funds typically mean access to such funds has been restricted or temporarily halted. Several factors, such as technological errors, security precautions, disagreements, investigations and regulatory compliance, can lead to such circ*mstances.
Why funds are frozen on Binance? ›
COINNEWS on Binance Square. - Frozen funds in crypto can result from security precautions, tech errors, disputes, investigations, or regulatory compliance. - Immutability in blockchain protects frozen assets, ensuring value and ownership stay transparent and unchangeable.
It has been alleged that Binance could be used as a funding mechanism for terrorist groups. In November 2023, the company pleaded guilty in a U.S. federal court to money laundering, unlicensed money transmitting, and sanctions violations.
Why was Binance fined in the USA? ›
Feb 23 (Reuters) - A U.S. judge on Friday accepted Binance's guilty plea and more than $4.3 billion penalty for violating federal anti-money laundering and sanctions laws through lapses in internal controls at the world's largest cryptocurrency exchange.
Is the CEO of Binance found guilty? ›
Changpeng Zhao, the founder of the world's leading cryptocurrency exchange, was sentenced on Tuesday to four months in prison after pleading guilty to money-laundering charges last year. The sentence, handed down in a US federal court in Seattle, is far lighter than the three years prosecutors had argued for.
What will happen if Binance shuts down? ›
Depending on the reason for the shutdown, Binance could face legal actions, asset freezes, or hacking attempts that could jeopardize the security and availability of the funds. Users who store their crypto assets on Binance would risk losing their money or having to wait for a long time to get it back.
How to remove restricted withdrawal on Binance? ›
II. How to lift my Binance P2P account suspension due to other reasons?
- Log in to your Binance account and go to [P2P] - [Profile] - [Restrictions Removal Center]. ...
- Tap [Submit appeal] next to the suspended function to file an appeal. ...
- Fill in all required fields and tap [Submit].
How long do I have to wait to withdraw from Binance? ›
In terms of withdrawal time, it can vary depending on the cryptocurrency and the network congestion. However, Binance typically processes withdrawals within 30 minutes. If you've made a withdrawal and the status is still marked as "Pending," it's best to contact Binance customer support for assistance.
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].
What's going on with Binance US? ›
The Securities and Exchange Commission's (SEC) effort last year to freeze Binance.US' operations via a Temporary Restraining Order (TRO) led to mass layoffs at the company as revenue imploded and it struggled with market trust, one of its executives said during a court deposition.