We are excited to announce improvements to Binance.US’ withdrawal services.

Effective immediately, withdrawal holds have been decreased from 10 days to 7 days for all deposits made via bank transfer (ACH), debit card, and debit cards linked to Apple Pay.

We’ve rolled out this upgrade so you can more freely withdraw the USD you deposit into your account as well as any crypto purchased using those funds. We appreciate everyone in the community who voiced your feedback about this and helped influence this change; we plan to continue to make improvements over the coming months to provide you with an even better experience using Binance.US.

How do USD deposits work?

Let’s take a behind-the-scenes look at what happens when customers deposit money to their account:

• When customers trigger an ACH cash deposit to their Binance.US USD account, it can take several business days for Binance.US to actually receive the funds from customers’ banks (clearly traditional banking is ripe for disruption!). While traditional USD-based payment systems may seem seamless, processing must take place behind-the-scenes before the funds arrive at their final destination.
• To enable customers to have immediate access to funds upon triggering their deposit, Binance.US (and other platforms) will “pre-credit” the customer’s account using corporate funds. This prefunding allows customers to immediately start using their funds without having to wait for those funds to actually settle to their Binance.US account. This whole process takes place seamlessly to offer our customers a faster and more convenient experience.

Why is there a withdrawal hold?

Crypto and financial institutions like Binance.US impose withdrawal holds for the following reasons:

• Risk Management. In the event that Binance.US pre-credits accounts using corporate funds, a temporary withdrawal hold ensures that a legitimate transaction has taken place and that Binance.US actually receives the deposited funds. In rare circumstances, deposited funds may never reach Binance.US due to insufficient funds, fraudulent activity, or other scenarios.
• Customer Protection. If suspicious activity is detected by our fraud and risk management systems, a withdrawal hold is triggered to help ensure your funds are safe in the event that someone has unauthorized access to your account. We may request additional information to verify your identity and ensure the withdrawal request was actually initiated by you.

Why can’t Binance.US simply eliminate withdrawal holds?

Binance.US is committed to continuing to lower our withdrawal holding times, with the goal of offering instant withdrawals for select deposit scenarios.

In order to further reduce hold times, Binance.US runs every bank transfer (ACH), debit card, and Apple Pay deposit through our industry-leading fraud and risk management analysis framework, which maintains, on an average monthly basis in 2022, a significantly lower lower fraud rate than the industry average for other U.S. merchants, when it comes to debit cards and debit cards linked to Apple Pay.

If the transaction passes our rigorous criteria, we automatically enable a shorter withdrawal hold, or even eliminate withdrawal holds in the future. While this is a data, time, and resource intensive task, we plan to continually update our risk logic engine to deliver better (and tailored) hold times to customers.

How it works

Customers can now make bank transfer (ACH) deposits under the new withdrawal policy, effective immediately. Deposited funds are available instantly for buying and trading, and the 7-day withdrawal hold will apply for deposited USD and any crypto purchased using the deposited funds.

To give customers more transparency, we will continue to reduce our withdrawal holding times in the coming months, with the intention of offering INSTANT withdrawals for select deposit scenarios in the future.

How to avoid holds

If you’re making a deposit and anticipate that you’ll need to access your funds immediately, try one of these methods to avoid the withdrawal hold:

• Maintain a cash balance. By keeping a cash balance on Binance.US, you can ensure you’re in the best position to seize market opportunities that come your way. You’ll be able to buy crypto at a moment’s notice and withdraw it once the purchase has been made. To maintain a cash balance, simply make a USD deposit via bank transfer (ACH), debit card, or debit card linked to Apple Pay.
• Deposit and withdraw via wire transfer. Wire transfers are not subject to withdrawal holds. Learn how to fund your account using wire transfer. To make a wire transfer deposit on Binance.US, you will need to first complete Advanced Verification if you have not done so already.

Committed to becoming the most customer-centric organization in the industry

Today’s announcement represents an important step forward for Binance.US as we work to further reduce our hold times for customers. We remain committed to delivering customer-centric solutions to empower people who are looking to make the most of their crypto journey.

As a Web3 pioneer, we recognize that in an industry where transactions are near-instant, a 7-day withdrawal hold still doesn’t live up to what the future of finance should look like and we agree which is why we will continue to innovate and use our technology solution to deliver a better financial system in the future.

This announcement is the first of several improvements we are making to our withdrawal holding times. Together with significant improvements the company has made this year, including reducing overall customer support response times by >90% and case resolution times by >85%, the reduced withdrawal hold will enable customers to more freely seize market opportunities and participate in the crypto economy with confidence. We want to be the most customer-centric organization in the industry. Your continued feedback helps us provide the rewarding crypto experience you deserve. To access nearly 150+ cryptocurrencies today, deposit money into your Binance.US account to buy, trade, convert, and stake instantly.