Binance is the world’s leading cryptocurrency exchange with a user base of 28.5 million people in 2022. The exchange offers its services to over 140 countries around the world and is looking to expand further. Even during the bear market, Binance announced the hiring of 2,000 employees while other corporations were laying off their staff.
The platform is the most trusted crypto exchange in the world and its application caters to seamless transactions. However, not everything that glitters is gold as Binance has its own share of uncertainties for its users. Investors have complained that their Binance Wallets have been suspended for reasons beyond their control and ability.
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Here’s Why Your Binance Wallet Could Have Been Suspended
You may sometimes run into this issue on your Binance app stating ‘Cannot withdraw funds’. When you click on ‘learn more’, it states that your Binance Wallet has been suspended. So why does Binance suspend user wallets? A few reasons are listed below.
- Wallet Under Maintenance
Binance usually suspends its withdrawal services without notice when they undergo routine maintenance. In other cases, a database glitch has also caused Binance Wallet to indicate suspension of withdrawals. However, the issue is usually fixed by the Binance team within 24 hours.
The Binance Wallet suspension is only temporary for these cases but a handful of users might get affected.
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- Issue With the Token You Want to Withdraw
Users can also encounter a ‘Binance Wallet suspended’ message when they try to withdraw a particular token. While the application allows withdrawal of all assets, it can selectively disable withdrawing tokens on the network. In this case, the issue is not related to Binance but to that particular token, users would like to withdraw.
There could be various reasons why a particular token faces ‘withdrawal suspension’ on the Binance app. Nonetheless, this situation at present is temporary as well.
How to recover Your Binance Wallet
While all the above were temporary suspensions, the below details highlight what you should do if your Binance Wallet faces permanent suspension.
Your Binance wallet can face suspension if you violate Binance’s user guidelines, terms of usage, and policy. In addition, ‘suspicious activity’ can also lead to Binance Wallet suspension and both of these can be permanent ones.
However, there are ways to revoke your Binance Wallet suspension. First and foremost, you need to showcase that your account is genuine and follow the steps provided by Binance on ‘How to Reactivate My Account Withdrawal Function‘.
Users should complete their KYC first and wait for approval from the Binance team before going to the next step. Secondly, you need to submit a video and record a statement mentioned to you in your e-mail address. Both the video and audio have to be clear and you need to mention the date and time of recording. You need to show your ID proof while recording the video too.
After the recording is complete, you need to submit your ID proof/drive license/passport again for verification. ID proof with watermarks and edits will not be entertained by Binance to revoke your Wallet suspension.
After you submit all the required documents and details, the Binance team will have an internal check. If you have submitted all the documents, your Binance Wallet could be revoked. If not, Binance will keep will uphold the wallet suspension.