Why your Binance withdrawal is suspended.
While depositing funds in your Binance account rarely will you come across any restriction or error, unless the account has an issue. But in the withdrawal process, you are likely to come across an error. The error might be technical or possibly you changed your account’s password. Let’s talk about why your Binance withdrawal is suspended and how to fix it.
Upon withdrawal suspension, you will get the error message “Withdrawal suspended due to risk management“
Reasons why you might get the above error message are:
1. Due to a system update
When Binance is conducting a system update they tend to suspend all withdrawals temporarily. In such a situation you will have to be patient till the system update is complete.
2. A recent password change
If you changed your password recently you will not be able to make any withdrawals in Binance for a maximum of 24 hours.
But upon completion of 24 hours, your withdrawal request will be completed successfully. The 24-hour period is for security reasons and upon its completion, you will repeat the request for it to happen successfully.
How to fix the error.
If the error is on Binance’s side in that you haven’t changed your password nor has there been a system update contact Binance Support. In such a scenario Binance will work out the error and get back to you.
If the withdrawal request suspension is due to a system update there is little you can do. You will have to sit it out till the update is complete. Despite that, the system updates don’t take long.
With a suspension due to a password change, there is nothing you can do other than wait for the 24-hour duration to complete. The period is for security purposes.
In conclusion, with the current popularity of the crypto world and the increasing market size, more support requests are likely to come along.
In Binance withdrawal issues are a bit common due to the large market it services.
