Bitcoin Forum

Hello all, I'm trying to make a withdrawal of UDST from my Binance account and I get this error message saying "Payment Suspended Due to Risk Management". Please can someone help a newbie understand and resolve this issue because I am so freaking out ???. Thank you.

Did you recently perform activity on your account, like change of password or multiple transactions? Could be a reason for the error message.
Messaging the binance customer support is the best way to understand what is wrong and how you can fix it. Send an email detailing fully what you've noticed.

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If you use an exchange account as cold storage, this is a good sign to switch that. Not your keys; Not your coins.
A non custodian wallet is the best form of security.

The caption you mention is somewhat different to the one that I found on their faqs, so I’m not sure if the procedure to resolve it is going to be the same. Take a look through this page:
https://www.binance.com/en/support/faq/360038583951

I’m presuming you performed the KYC which is mandatory for all accounts. If not, that would be the root cause of the message.

In any case, you should probably open a direct ticket with their support if the above does not help to clarify the cause and procedure. You can also go through their Chat channel (https://www.binance.com/en/chat) for what may be a speedier diagnosis.

On Binance, for accounts existing since before the mandatory KYC implementation, Know Your Customer is mandatory for everything except withdrawing, closing positions and I think a few more things.  Theoretically, you should be able to withdraw your own funds even without completing KYC procedures.  This makes Upgrade00's take on the issue more plausible.

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Regards,
PrivacyG

Maybe you should just take a chill pill, and try again in like an hour or two...It may be a network issue sometimes and these exchanges do not want to look like the have regular challenges hence they hide behind ambiguous statements that confuse users. There may be nothing wrong with your account. Within the same timeframe you experienced that, I'm certain other users somewhere also making use of their service at that time had the same notification as well.

If the issue persist say for like a day, you could contact their support team.

Did you maybe deposit the money on Binance very recently (like the same day or couple of days ago) and now you want to withdraw it? I am asking because I found some examples of people that were blocked due that.


Nah, I don't think that's some bullshit message Binance wrote because they want to hide technical problems because in that case loads of people would be affected which wouldn't go unnoticed. They will probably ask for some additional verifications or something equally annoying in order to unlock withdraw.

I was a bit scared, looking at the title, it can mean that everyone's binance account was suspended. But I remember, a friend of mine had this issue but it was later resolved.

The payment wasn't suspended because you wanted to withdraw, it was suspended before the withdraw process. The possible causes are;

1. You funded your binance account with your local bank, and it seems that your bank sent a flag signal in your account.
2. You added a debit card few minutes and placed withdraw immediately (this can happen due to withdrawal)
3. It could also be other minor issues, due to the system is automated, the message is displayed for you.
Kindly, follow the customer care or wait for some hours incase number 2 was your case.

I have seen a similar complaint a couple of times in their group, but the best solution is to talk to the customer service assistants, as they will be able to cross-check for you to find out what caused the problem. Nobody here will be able to help you, and please do not just wait, it seems waiting does not solve the problem. The account still remain blocked according to the user complaints i saw.

Have you tried to withdraw using Bitcoin?
Because I've heard that usually have a problem if you will withdraw using your bank account, there are a lot of complaints about the same problem as yours on their Reddit account (https://www.reddit.com/r/binance/).  I saw a lot of suspicion in Binance.us.

That's a problem and it might be they were trying to increase the level of KYC verification, it seems like a video call holding your ID indicate the date and the Binance name, but that's only my assumption based on what I have read in other forum.

It seems it's a common issue and most of the affected users are on Binance.us if you deposit recently and withdraw just few hours or a day then you won't be able to withdraw.

According to Binance.us if you deposit recently with a Debit card the withdrawal is locked for 5 days and for bank deposits it's locked for 10 days after these you can able to withdraw them.

Did you deposit it recently? and later withdraw it?

Read this "Why Can't I Withdraw or Trade? (https://support.binance.us/hc/en-us/articles/360047428953-Why-Can-t-I-Withdraw-or-Trade-#:~:text=You%20may%20see%20an%20error,unable%20to%20retrieve%20the%20funds.)" updated 6 days ago. And you must understand how risk management (https://support.binance.us/hc/en-us/articles/360050597414) works.

First not your keys, not your coins.
Storing your coin on centralized platforms is bad practice.

This issue you got is one of such and if you can not pass their KYC, you will not be abllowed for withdrawal.

Possible reasons wrote above but sometimes, exchanges can temporarily lock your account if you log in with VPS, suspicious IP and if you make withdrawal request from suspicious IP, you might be required KYC.

Maybe Binance is trying to make sure that the coin is not stolen, they may see suspicious activities that they might think is not you.

Binance is not a noncustodial wallet, it is a custodial exchange, they have a support you can contact, that will be the best thing to do right now. You can try and wait for like 24 hours and see if you will be able to withdraw.

If you want this type of error not to occur next time, use a noncustodial wallet, you will have the private keys to your wallet and you will have the full control over your wallet unlike Binance that has the control. But protect your wallet.

There are a lot of complains exactly like that connected with Binance exchange on their reddit page and even on youtube.
You won't find help in bitcointalk forum, but you can try contacting their support and wait to receive some explanation from them.
One more thing you can do to speed things up is tagging all Binance accounts on twitter if you are using it.

Reminder: Never keep coins on centralized exchanges.

I also thought of this as well that maybe a transaction occur of recent without being confirmed and yet he want to withdraw or perform another transaction on top of that, i think this is one of the reasons to prevent double spending if your case aoplies to that, also one thing i know about Binance is that once your account is not yet verified, you will be restricted to perform some certain functions, now the question here weneed to know is weather if this is your first transaction or not on Binance.

Dear all,
Thank you for your quick replies. I'm sorry I didn't get back here sooner. What happened was that I got a prompt tp update my Binance App. I did so and retried the transaction and it went through smoothly. I am really grateful I didn't have to talk to a customer care agent because I hear it is such a hassle to resolve issues like that. My suspicion is that it was a network glitch.

You guys rock.

Warmest Regards
Cryptomultiplier

It is good to know that the problem has been resolved but it is strange that the withdrawal process is frozen because you did not update the application.
Some of the support team complicate the issue and ask for a lot of information and papers without solutions.

That's a good thing. All's well that ends well.

But I guess Binance could improve on their prompts. I think it would be a lot better if they are more specific. To avoid causing unnecessary worries to their customers, they shouldn't just inform them that their withdrawals are suspended due to risk management, which is quite hard to digest. Could it not be changed to "Transaction failed. Please update your app and try again." Or something like this. Or perhaps there's a link provided that leads customers to a different page where possible reasons are detailed on why such an error occurred.

Anyhow, thanks for the update!

I wonder if the update your app prompt is a thing everyone gets when their app becomes outdated? it could be that op's problem solved on its own and the "update your app" prompt was a mere coincidence.

I also think so, mostly Binance withdrawal is suspended because of there's a system upgrade or you changed your password.
Updating the application is not supposed to do this, as most of the complaints in Google were on Binance.us or withdrawal to bank account.

its better to ask support team about why you get that error.

Ha ha....I didn't offer up any help since I don't use Binance, but the community here really is great for issues like yours.  I'm also glad you got a good outcome in the end, though when I read your first post I didn't suspect that there was anything untoward going on at Binance.  It's true you shouldn't keep your crypto on a centralized exchange for the long term, but if you were going to pick any exchange to do that with, Binance would probably be first on most people's list.

Ugh.  When is the speed of money transfer settlement going to go to zero?  This reminds me of the old days when businesses wouldn't ship something until your check cleared, which was usually 7 days.  It always amazes me that in 2022 it takes days for even things like stock trades to settle, or eBay payments to make it from the buyer to the seller's bank account.  Anyway, I'm hoping tech catches up to the financial system's needs or vice versa.