Withdrawing from Binance to a bank account can seem daunting at first. That’s because this trading platform doesn’t have a very user-friendly interface. Instead, its design was inspired by traditional stock trading platforms made for advanced users.
Furthermore, direct fiat bank withdrawals in USD and GBP were suspended by Binance at the time of writing. Recent news on the topic suggests that there are two primary reasons for this, namely the UK’s crypto banking crisis and the US government’s Binance investigation.
So in this article, we will show you how to withdraw the EUR fiat currency to your bank.
What is Binance?
Binance is a centralized cryptocurrency exchange platform founded in 2017 by Changpeng Zhao, also known as CZ. The company originated in Hong Kong and was later registered in several countries, including the US, Italy, and France.
Its official about page features the following statement: “At Binance, we believe that everyone should have the freedom to earn, hold, spend, share and give their money – no matter who you are or where you come from.”
Binance has its own blockchain and cryptocurrency, both of which it named BNB. At the time of writing, BNB is the fourth-largest cryptocurrency by market cap. Furthermore, the company also issued a stablecoin known as BUSD, which currently holds third place by market cap.
With support for over 380 cryptocurrencies and billions of dollars in daily trading volume, Binance is the world’s largest crypto exchange platform. It’s also one of the two most trusted centralized exchanges.
More recently, however, Binance fell under great scrutiny by the US government, which is waging a war on crypto. US lawmakers are now demanding more information from the company and mentioning potential evidence that Binance “is a hotbed of illegal financial activity that has facilitated over $10 billion in payments to criminals and sanctions evaders”.
6 Steps to Withdraw Funds from Binance to Bank Account
Binance offers a variety of ways for you to withdraw your fiat currency, such as EUR, to your bank account. But the two most popular ways are the SEPA bank transfer and the card withdrawal.
The following guide will show you how to withdraw from Binance in just six easy steps. So read on to learn more.
1. Log in to your account
The first step, of course, is to log in to your Binance account so that you can access its dashboard. Use the Log In link in the upper right to do that.
Alternatively, you can use the yellow Sign up with Email or Phone button to register an account if you don’t have one already.
2. Go to the withdrawals page
Once you’re inside, open the withdrawals page by clicking the gray Withdraw button in the middle of the page.
3. Select a currency and withdrawal method
First, select your fiat currency from the Currency drop-down menu at the top of the page. Then, select one of the available withdrawal methods located under Withdraw to. Finally, click on the yellow Continue button at the bottom to proceed.
4. Verify your bank account
If you select the Bank Transfer (SEPA) option, you will need to send a small amount of your fiat currency to a Binance-owned bank account to verify your bank account. For example, EUR holders need to send at least €2 and pay a transaction fee of €1.
If you’re fine with that, click the yellow Verify Now button to proceed.
5. Add a credit card
If you select the Bank Card option, you will be able to use your existing card or add a new one for withdrawals. This option is significantly more expensive compared to bank transfers. For example, EUR holders are charged 1.8% for every bank card withdrawal.
6. Click ‘Continue’
If you’re fine with that, enter the fiat amount and click the yellow Continue button to proceed.
That’s all. Now you know how to withdraw fiat currency to your bank account.
Important Information About Binance Withdrawals
Here are some things that you should keep in mind before you withdraw fiat from Binance or even register an account with it.
- There is a minimum withdrawal amount for fiat currencies, such as €10 for EUR.
- Bank transfers (SEPA) are only processed on weekdays. If you request a withdrawal over the weekend, the earliest time your funds can arrive is Monday.
- Bank card withdrawals can take anywhere from a few minutes to several days, depending on your bank and location.
- Registering an account on Binance requires you to provide personal documents to meet its KYC requirement.
- Binance is a centralized exchange, which makes it more vulnerable to government regulations and increases its potential for fraud.
- Binance is under investigation by the US government and is suspected of being involved in some forms of money laundering. However, it’s also one of the two most trusted crypto exchanges after Coinbase.
Withdrawing from Binance to your bank account can be done in just a few simple steps.
While Binance doesn’t offer direct fiat bank withdrawals in USD and GBP at the moment, its users can still withdraw other fiat currencies such as EUR. This can be done via bank account transfers or bank card withdrawals.
Keep in mind that there are minimum withdrawal amounts, bank transfers are only processed on weekdays, and registering an account with Binance requires KYC. More importantly, Binance is a centralized exchange, which makes it more vulnerable to government regulations and increases its potential for fraud.
While Binance is currently under investigation by the US government, it remains the world’s largest and most trusted crypto exchange platform.