Binance is undoubtedly the world’s most popular and most used crypto exchange. The exchange boasts more than 70 million verified users throughout the world.
Binance has several advantages over other exchanges. For instance, it provides access to various DeFi products. It has a beginner-friendly Binance Lite for new traders and a sophisticated Binance Pro for experienced traders.
On top of this, Binance charges meager fees on all transactions. However, despite its several advantages, some users still want to delete their accounts for reasons best known to them.
For many users, quitting the platform for a different experience on another exchange is their reason. Regardless, it is quite easy to delete your Binance account.
Deleting a Binance account is irreversible. Therefore, if you think you will be away from the platform for a long time, you might consider disabling your account. This is a temporary solution to keep your account inactive until you’re ready to use it again.
You can also disable your account when you suspect any suspicious activity on your Binance account. This will restrict all access to your account until you reset your account login and security details.
On the other hand, when you delete your account, your name and personal details will be erased from the platform. Therefore, it is impossible to register another account or use the Binance exchange anymore.
This guide will take you through a step-by-step guide on how to disable or delete your Binance account.
Reasons Why Users Delete Their Binance Account
1. Geo Location Rules and Regulation: Each country’s Crypto trading and investing regulations vary. Meanwhile, some countries continue to change and update their crypto trading rules from time to time due to some factors.
If Binance is restricted in a certain location, its users must delete their accounts and transfer their assets to a supported crypto exchange platform. Many times, Binance also removes users with geolocation restrictions from their platform.
2. Crypto Volatility: Cryptocurrency prices are impossible to predict. The fluctuations in crypto price results in the liquidation of several billion dollars daily. Therefore, when traders find out they cannot make smart decisions with the price volatility, they usually give up and delete their accounts.
Meanwhile, some traders find Binance’s trading instruments less sufficient when compared to some highly specialized crypto brokers.
3. Financial Institutions Regulations: Binance supports many payment methods, including bank transfers. When using bank transfers, users must connect their bank details to the platform before executing transactions.
However, some banks in the UK have banned their users from completing Binance transactions with their financial institutions. Therefore, people like this must close their Binance account or look for viable alternatives.
4. In-platform errors, including glitches, multiple unprocessed transactions, transaction delays, downtimes, or bugs, can cause users to delete their accounts.
5. A cumbersome dashboard and overwhelming user interface can also be discouraging sometimes.
Withdrawing Funds Before Deleting your Binance Account
After deciding whether you’d like to delete or disable your account, it is important to empty your Binance account and withdraw all your funds.
If you’re a regular user, withdrawing your asset shouldn’t be a problem. You can easily log in to your account, go to your wallet and withdraw all available assets to cold or hot wallet storage.
Meanwhile, you also speed up the whole process by converting all assets to a stablecoin so that your asset won’t lose value to price volatility.
If you need help withdrawing your assets, here’s how to go about it:
- Log in to your account
- Go to your Fiat and Spot wallet
- Copy your crypto deposit address
- Withdraw assets from Binance to your wallet
1. Copy your crypto deposit address
To withdraw your assets from Binance, you must prepare your crypto wallet.
If you’re using a soft wallet like Metamask, open the wallet app and log in with your password.
In your wallet dashboard, select the cryptocurrency you want to deposit to your wallet and click on RECEIVE to copy the deposit address.
2. Log in to your account
After copying your deposit address, navigate to Binance at Binance.com on your web browser.
On the homepage, click on LOG IN from the top right corner.
On the login page, provide your email address and password.
Continue to log in by verifying your email address.
3. Go to your Fiat and Spot wallet
Once you’re in your Binance account, click on WALLETS > Fiat and Spot from the top right corner of your home screen.
This should redirect you to your Binance wallet, where you can withdraw available assets.
In your wallet, click on WITHDRAW in front of the asset you want to withdraw.
4. Withdraw assets from Binance to your wallet
On the withdrawal page, input the deposit address you copied from your crypto wallet in the field provided for ADDRESS.
Continue by selecting the appropriate network.
Once you’re done, specify the withdrawal amount and confirm the withdrawal.
After completing the 2FA verification, your withdrawal will be completed at the stipulated time. You can monitor the progress of your withdrawal in transaction histories.
Steps to Disable/Delete your Binance Account
After withdrawing all your assets from Binance, you can now decide to disable or delete your account.
Either of the two processes takes a few minutes. To disable or delete your Binance account:
- Log in to your account
- Go to profile settings
- Disable/Delete account
1. Log in to your account
To delete or disable your Binance account, you must log in by navigating to Binance.com on your web browser.
Click on the LOG IN button from the top right corner of the homepage to sign in with your email address and password.
Confirm login by verifying email with a six-digit code sent to your inbox.
2. Go to profile settings
After logging in to your account, click on the round-shaped profile icon from the top navigation bar.
From your Binance account profile, go to SECURITY. Scroll down and find ACCOUNT ACTIVITY , then select a preferred option between DISABLE YOUR ACCOUNT or DELETE YOUR ACCOUNT.
3. Click on DISABLE YOUR ACCOUNT
Disabling your account allows you to deactivate your account temporarily. Therefore, if you still need your account in the future, you can simply reactivate it.
This gives you another chance to use Binance rather than completely lose your account after deleting it.
It also prevents you from going through the stress of registering a new account. However, all account activities will be suspended immediately.
However, if you want to reactivate your account, you will have to contact the Binance support team and wait for some hours before the reactivation completes.
4. Click on DELETE YOUR ACCOUNT
If you choose to go with DELETE ACCOUNT rather than disable it, your account will be permanently deleted. When you choose this option, you will fill up an application form to confirm your decision.
Once your account has been successfully deleted, all account activities will be canceled, and your account will be permanently inaccessible. Your identity and verification documents will also be removed from the platform.
If you choose to DELETE YOUR ACCOUNT, click on “Delete this account” to finalize your decision.
Afterward, you will have to fill up the “Delete Account Application,” to approve the whole process.
In the application, input your account’s email address or phone number and review all terms and conditions. Then click on CONFIRM THE DELETE.
Your request will be processed by Binance, and your account will be deleted. However, Binance can contact you to submit additional information or documentation vital to the audit process.
Why Can’t I Delete My Binance Account?
Deleting a Binance account still depends on some factors. For many users, the only option available is to disable their Binance account. This is because of geolocation regulation that restricts Binance from deleting user accounts.
If you can delete your account, you can contact the Binance support team so that disabling your account will provide the same security and de-identification effect as deleting your account.