Binance is one of the leading cryptocurrency exchanges operating on a larger scale out there in the market. If you are into the cryptocurrency market most probably you have some connection with this platform. Now the Binance slow withdrawal is one of the reasons frustrating many customers and users. This is mostly common for people who are frequently investing and withdrawing their money using this platform.
Why Binance Slow Withdrawal
The users using the chat function asking about their withdrawal will be greeted by a message that tells them that their transaction could take 3 to 5 business days. This is too long of a time if you are in a hurry for some reason. This is just a normal case scenario, even some users get longer withdrawal time confirmations.
Usually, it is standard to wait for half an hour to a whole hour to get your transaction ID, or the TxID as they call it. Using this you will be able to get away with what you want. Thus if it is a first-time withdrawal, just wait for an hour to enable the process to go through. If it is getting delayed it could be due to the following reasons:
Network Congestion
One of the primary culprits of Binance slow withdrawal is network congestion. For this reason, this largest crypto platform takes longer than other platforms for cryptocurrency transactions. A high volume of transactions will lead to a piling up of withdrawal requests. Now by default the nodes on the network will prioritize transactions based on fees and the size of the withdrawal, in the case of a dense line, your request might take longer than you imagine.
Network Confirmation
Depending on the blockchain involved, the timeframe could vary based on the number of confirmations and network activity. Some blockchains require a higher number of network confirmations compared to others. Similarly, if there are some unconfirmed transactions, there will be further delays.
Withdrawal Review
For security measures, the online exchanges have in place various security measures one of which is the withdrawal review by humans. This makes sure the funds are indeed going to and coming from the intended sources without any fraud happening at any point. As they are manual at times, there is not enough workforce to immediately process the request. Thus your transaction activity could take longer than usual.
Technical Issues
There could be a technical issue sometimes which leads to various delays including the delay in withdrawals. This could be on the side of the Binance itself or on the side of the blockchain involved. Thus leading to Binance slow withdrawal issue.
Final Words
If you have put in the right keys, address, and other inputs without any mistakes, the process of withdrawal should be smooth and fast. But due to various reasons these withdrawals sometimes cause a worrying delay. There are many reasons for these delays and here XperimentalHamid.com listed the major ones. If you have experienced the same issue for a different reason, do mention it in the comments below.