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.
Source: Binance 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.
