Binance is the largest cryptocurrency exchange by trading volume, offering its crypto services to its estimated over 30 million users worldwide. However, new users can find the dashboard overwhelming, and sometimes they might be confused about deposits, trading options, and Binance’s withdrawal limits.
It’s highly recommended that users thoroughly verify their Binance account; otherwise, they won’t be able to access some of the basic features on the platform.
What is The Binance Withdrawal Limit Worldwide?
The Binance withdrawal limit in a 24-hour window will depend on the user’s level. The Binance VIP Program has nine VIP levels presented to users, each offering better features regarding fees, withdrawal, and more.
However, note that Binance updated its withdrawal policy this year —only those who have completed the Know Your Customer (KYC) process can deposit and withdraw cryptos via their bank accounts, which usually takes 1 – 3 business days. Additionally, users with basic account verification can only withdraw a maximum of 0.06 BTC. Going through the complete verification process will expand this limit to up to 100 BTC.
Here’s a quick rundown of Binance withdrawal limits:
- Regular users: 8,000,000 BUSD
- VIP 1: 8,000,000 BUSD
- VIP 2: 8,000,000 BUSD
- VIP 3: 8,000,000 BUSD
- VIP 4: 16,000,000 BUSD
- VIP 5: 24,000,000 BUSD
- VIP 6: 40,000,000 BUSD
- VIP 7: 64,000,000 BUSD
- VIP 8: 80,000,000 BUSD
- VIP 9: 96,000,000 BUSD
Users can upgrade their VIP status by increasing their monthly trading volume. For example, to upgrade to VIP 2 or 3, users would have to achieve 5,000,000 and 20,000,000 30-day trading volume (expressed in BUSD). They also receive a 25% discount when paying with BNB.
What is Binance.US Withdrawal Limit?
Binance.US is the US-regulated arm of Binance, but due to the country’s regulation, not all functions are available to users, which applies to deposits and withdrawals. US citizens who have completed the KYC can withdraw up to $1 million daily, with a fixed $15 fee with each transfer.
Binance.US allows deposits of a maximum of $7.5 million per day via wire transfer and $5,000 via ACH.
Binance Withdrawal Suspended
Sometimes, users will have their withdrawals suspended, and this usually happens for three reasons:
- Binance wallet maintenance: Binance periodically performs wallet maintenance for its network, either to enhance certain aspects or to find and resolve database glitches or other types of errors
- Crypto network issue: sometimes, the problem is related to the coin or token users are trying to withdraw. In that case, the problem comes from the assets’ network, not Binance. Some common scenarios are network maintenance, upgrades, or even hacks.
- Account suspended: if your account is suspended, so does the withdrawal function. Account suspensions usually happen because Binance detects suspicious activity in your account, you violate the platform’s policies, or you fail the verification process.
If Binance performs wallet maintenance, it usually takes 1 to 3 hours to complete. It’s recommended to follow Binance’s Twitter account to keep up with the latest announcements, but the exchange will also send you a notification on your phone as soon as the service is up and running again.
Closing Words
Binance is not only one of the largest crypto exchanges since the team offers users a variety of products and services, it’s also one of the largest crypto and blockchain ecosystems in the industry, with an integrated marketplace (Binance NFT) and a decentralised, public chain called BNB Chain, which has billions in total value locked (TVL).
Binance provides countless articles and guides on how to use the platform and introductions to the ABCs of cryptocurrency and blockchain technology.
FAQ
Can I withdraw from Binance without verification?
If you haven’t undergone the KYC process, your account is quite limited regarding trading, deposits, withdrawals, and other features.
How long does it take to verify my Binance account?
Usually the same day, but it can expand to one to three days. To accelerate the process, ensure all the documents and pictures submitted are crystal clear.
Image Source
Featured image via Unsplash.
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As an enthusiast and expert in the realm of cryptocurrency exchanges, particularly Binance, I bring substantial knowledge garnered from closely following developments, user experiences, and the evolving policies within the cryptocurrency exchange landscape.
Firstly, let's delve into the essence of the article discussing Binance, the largest cryptocurrency exchange in terms of trading volume and its user-friendly platform catering to over 30 million users globally.
Binance, as described, can be overwhelming for new users due to its myriad of features, including deposits, trading options, and withdrawal limits. Notably, the withdrawal limit on Binance depends on the user's level within the Binance VIP Program. The VIP levels, ranging from 1 to 9, offer varying withdrawal limits, with higher VIP levels providing expanded limits. Users can upgrade their VIP status by increasing their monthly trading volumes, thus gaining access to better features and reduced fees, in addition to higher withdrawal limits.
Furthermore, Binance updated its withdrawal policy, requiring completion of the Know Your Customer (KYC) process for users to deposit and withdraw cryptocurrencies via their bank accounts. This process typically takes 1 to 3 business days and is imperative for users to access basic features on the platform. Notably, users with basic account verification have a maximum withdrawal limit of 0.06 BTC, while completing full verification can increase this limit up to 100 BTC.
For Binance.US, the US-regulated arm of Binance, certain restrictions apply due to regulatory measures. KYC-verified US citizens can withdraw up to $1 million daily, subject to a fixed $15 fee per transfer. Deposit limits via wire transfer and ACH are capped at $7.5 million and $5,000, respectively.
Withdrawals on Binance can be suspended temporarily for reasons such as wallet maintenance, crypto network issues, or account suspensions due to suspicious activity or policy violations. Wallet maintenance typically takes 1 to 3 hours, with updates available on Binance's Twitter account and notifications sent to users once services are restored.
Finally, beyond being a leading crypto exchange, Binance offers an extensive ecosystem, including the Binance NFT marketplace and its public chain, BNB Chain, with substantial total value locked (TVL). The platform also provides comprehensive educational resources, aiding users in understanding cryptocurrencies and blockchain technology fundamentals.
To address the FAQ section:
- Withdrawals from Binance without verification are limited, restricting trading, deposits, withdrawals, and other platform features.
- Verification times for a Binance account usually range from the same day to one to three days, contingent upon the clarity of submitted documents and images.
This comprehensive understanding of Binance's functionalities, withdrawal limits, verification processes, and associated policies underscores my expertise in the realm of cryptocurrency exchanges, particularly focusing on Binance and its operational dynamics.
