Binance is one of the largest and most popular cryptocurrency exchanges worldwide, providing a wide range of services and features to its users. Founded in July 2017 by Changpeng Zhao, known as CZ, cryptocurrency exchange Binance became the largest by trading volume in just 180 days. Today, Binance offers a variety of initiatives in its ecosystem, including Binance Exchange, Labs, Launchpad, Academy, Research, Trust Wallet, Charity, NFT and others.
CZ has not been alone on his journey to success. He worked closely with Yi He, co-founder and current CMO of Binance, who led the cryptocurrency exchange’s business strategies, marketing and branding. Yi is considered one of the most influential entrepreneurs in the blockchain industry and has helped drive the trend of hiring female leaders in the tech industry, which has historically been dominated by men.
Together, CZ and Yi have taken Binance to an unprecedented level of success, becoming market leaders in a highly competitive and ever-evolving environment. Binance’s story is an inspiring example of vision, innovation and determination for entrepreneurs and investors around the world.
Ways to Withdraw Money on Binance
There are several options available for withdrawing money on Binance. You can request a bank transfer, make a withdrawal to your credit card, withdraw your funds in cryptocurrencies or transfer them directly to an e-wallet.
Regardless of the option chosen, it is important to be aware of some requirements: the bank account provided must belong to the same Taxpayer Registry at the cryptocurrency brokerage. Only withdrawals to the holder’s account are allowed, i.e. joint, third-party or corporate accounts are not accepted.
What is Binance’s withdrawal limit?
To use bank and brokerage services, you need to be aware of withdrawal limits and fees, which is also important in the world of cryptocurrencies. At Binance, for example, there is a minimum limit of 2 USD for withdrawals and a maximum limit, which depends on the type and level of the user’s account.
The maximum amounts allowed for movement per transaction on Binance depend on the account verification level. For individual users with level 1 verification, the maximum limit is around 10.000 USD per month and 20.000 USD per semester, for withdrawals and deposits. As for individual users with level 2 verification, the limit can be up to 6 times the level 1 amount for withdrawals and deposits. Companies have a maximum limit of up to USD 2.000.000.
Read more about cryptocurrencies:
- What are Bitcoin wallets and how to create them?
- Find out some of the most promising cryptocurrencies in 2023
- Everything you need to know about Satoshi cryptocurrency
Why can’t I withdraw on Binance?
Investors new to the world of cryptocurrencies are often unable to carry out withdrawal transactions on the Binance exchange. The solution to the problem can be simple: In order for your amount to be withdrawn, you need to exchange your cryptocurrencies for USD. It is important to remember that if your Spot Wallet has only cryptocurrencies, it will not be possible to withdraw it.
Sometimes, it may happen that you have made some changes to your account’s security settings, such as reactivating your account, resetting your password, adding or changing your two-factor authenticator, etc. These changes may temporarily disable transactions for a few hours for platform security reasons.
Another common mistake among beginner investors is to get confused with the different portfolios available on Binance, such as Spot and Fiat, Earn, Fund Wallet and others. To convert an asset into USD, it must be in the Spot and Fiat portfolio. Therefore, if your assets are in other wallets, you need to perform an internal transfer to the correct wallet before completing the transaction.
It is also possible that there is some inconsistency in your registration, but this can be resolved by contacting Binance support channels. Always remember to carry out your transactions with care and verify all the details provided, even for withdrawals, to avoid problems in the future.
I hope this article was helpful for you to withdraw money from Binance without facing any major difficulties.
Translation by Laura Bonci
