If the Binance Suspended Withdrawal then there will be a good reason behind it. There are some of the reasons which we have received as an explanation for the problem created due to the suspension of the withdrawal. In this article, we are going to discuss those instances and what the reasons behind them were.
Before we start talking about the reason for its suspension you should know about the exchange. The Binance is one of the most popular exchanges in the world which has been providing its services in the cryptocurrency world. If you are looking to trade in the cryptocurrency then Binance can be one of the best options. This is because it provides services with security and low transaction fees.
Binance Suspended Withdrawal
There are very less but there are some instances when the Binance has suspended the withdrawals. But for that, there were genuine reasons provided by them which make it one of the most desirable exchange.
In June 2018 binance shut the withdrawal process for the short period of time. This was done because they want to upgrade the system. They said the system will be down for a short period of time but it was down for almost 10 hours.
This type of suspension keeps on happening but this good for the users only. There can be other reasons also for the binance withdrawal being suspended. Some of them are discussed below:
Security is one of the major issues that binance is concerned about. So whenever a person tries to access your account or there is a suspicious movement in your account. They intend to suspend your withdrawal. This helps you to save your account from being hacked. If they do not do this then there is a chance that you will lose all your money.
If you enter the wrong password or the username then you will be asked some of the questions. This is done for security purposes. If you fail to answer those questions also your account will be blocked for some time and will not be able to log in.
This might irritate you but you should understand that this is done for your own good. So you should be very vigilant while doing this.
Binance withdrawal suspension usually does not happen easily. But when this happens the main reason behind that is the network congestion. If this happens then your transaction can get stuck for hours. You will not be able to do any transactions using your account for that period of time.
If this kind of problem happens then you should be patient and no need to worry about it. As it can be resolved easily but will take time to resolve.
Even though binance is one of the most popular websites you can face some problems while using it. You can easily tackle the problem like Binance Suspended Withdrawal.