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Binance is one of the most used exchanges in the crypto world, and many investors believe it is the top choice in the industry, and we recommend you research Binance Coin’s role in the Crypto World.
Launched in 2017, Binance almost reached 30 million users in 2021, and it is no wonder why – currently offering around 500 cryptocurrencies, including Native BNB tokens, Bitcoins, Ethereum, Litecoin, and many more, and a $300 billion market value as of the first quarter of 2022.
But like any other platform, sometimes users may need help working with the exchange, such as learning that a Binance deposit failed, completing the verification, or even dealing with loading issues.
In this article, we will help you figure out what to do when you feel there is no solution to your Binance-related problems.
Binance Deposit Not Working? Possible Causes
Indeed, in the past year, multiple failed Binance deposits have occurred. It doesn’t matter if it’s due to the recent bank situation in the US or other causes related to the platform itself, but we are here to help you identify the possible cause and take the best course of action.
Just so you know, there are better options than deleting your account when or if you must deal with a failed Binance deposit. The first important thing would be to ensure that you have completed all the required verifications, such as KYC verification which require your government ID, driving license, and passport.
However, there are a few causes for this mishap, and if you have just a tiny drop of patience, your problem will disappear in the blink of an eye. Thus, here are some reasons why your Binance deposit failed, so read further and find out why your Binance deposit needs to be fixed before submitting a request for a transfer problem.
Your Card Issuer Has Declined the Transaction
A payment acceptance problem might cause a failed Binance deposit. There are several reasons why your card issuer has declined your payment:
1. The bank’s fraud system has been triggered.
Some banks are scrutinized about transaction sources and have a complex policy on where you can use their products.
2. Your bank has temporarily deactivated your card.
You may want to contact the bank and try to learn why your card is on hold.
3. You have experienced multiple declined payments.
Thus, the bank temporarily locks the card as a measure of protection for the customer.
4. You are located in another country than the bank.
In this case, you may want to try again later when your location matches the bank. Furthermore, always check Binance’s policy regarding country eligibility, as the exchange is not supported worldwide.
5. The Transaction Is Declined
Verify if your card is still available or compatible with the payments you want to make on Binance. On this exchange, you can pay with both debit and credit cards. If your card does not support the transactions, you may want to contact the card-issuing bank or try again with a different card.
6. Malfunction System: 3D Secure
This problem comes from the security systems, and Binance needs to do something to solve it. Try to complete the payment again and notice what is wrong. You can learn more in the “Help” or “FAQ” sections. This problem can occur in the card issuer app, and you may want to contact customer service to have it solved.
Binance Deposit Not Working and Withdrawal Troubleshooting
Binance Verify Failed | ACH: Checkout error (Credentials, MFA, or Required Action)
If you received an error advising that your login details have changed, this could indicate a change within your bank credentials. The next step would be to update your billing information and reconnect your payment method.
Before fixing your Binance checkout error, please verify your credentials and whether you use the correct username and password.
How to Fix a Binance Checkout Error
- Update your billing account information via your bank institution.
- Check to see if your Binance.US account matches your billing information.
- Manually delete and reconnect your ACH payment method.
Binance Deposit Failed | ACH: Deposit (Insufficient Funds) Error
After receiving the message that the Binance deposit failed, access the mobile banking application and check if you have enough money for the amount of cryptocurrency you aim to purchase. If you don’t, top up the card with the desired amount to finish your transaction. Another solution to this problem is to validate another card in the payment section.
An ‘Insufficient Funds’ error could indicate that Binance’s system needs to consider there to be more funds available in the account to cover the deposit.
How to Fix a Binance ACH: Deposit (Insufficient Funds) Error
- What Binance ACH deposit have you made in the past three days? You may encounter an insufficient found error due to your bank not clearing the transaction.
- Ensure you have sufficient funds in your bank account before depositing. Their response regarding a binance.us deposit failure was to have over 130% available funds to cover this transaction, stating that the additional 30% would remain in your account.
- Or delete and reconnect your payment method. All you need to do is log into your Binance account, delete the ACH payment method, and reconnect it.
Binance Deposit Not Working: Multifactor Authentication Error
The Binance ACH integration process may not support the multifactor authentication you set up with your banking institution. To connect your ACH account, temporarily disable the multifactor on your bank account and try again and re-enable your multifactor with your bank after you have completed the authentication process.
Binance Verify Failed: Crypto Wallet Maintenance
It is said that occasionally, wallets undergo system maintenance, thus temporarily impacting deposits and withdrawals.
On the Binance.US mobile app, a message may state, “The current currency is not open for withdrawal.” At the same time, on the browser, the withdraw button for the specific network undergoing maintenance will be unavailable.
Binance Deposit Failed: Recover Unsupported Asset
As Binance.US aims to offer a wide variety of digital assets for you to choose from, they do not support all tokens and networks. It is best first to check their supported assets list and then perform a test transaction confirming that the asset reached your Binance account.
If you made a crypto transaction towards the wrong address, please note that Binance.US could not perform a reverse transaction. So, contacting the owner of the address to which the asset was sent could be a viable solution.
Binance Deposit Failed: 4 Pieces of Advice
When your Binance deposit fails, there are some things you can try to solve and ensure it will not happen again:
- Use a secure payment method so the fraud system will not be triggered.
- Do not give your account information to anyone; it is personal and may affect your activity if someone else tries to complete transactions with your card. Furthermore, try only to upload your information to secure websites and platforms.
- Use the Binance guide to help you discover the cause of your failed deposit. Moreover, remember that customer service is always there to help users.
- Always ensure that Binance accepts your card because you cannot complete payments with any card. However, the crypto exchange does accept both debit and credit cards.
Final thoughts
Binance is one of the safest crypto exchanges ever developed, and you can add your card data without any concerns.
However, as problems sometimes appear, searching for the answers on official and trusted websites is better. If Binance is unavailable in your country or your payment methods are denied continuously, you can buy cryptocurrencies or NFTs from other platforms, like Crypto.com. Please find out more about it in our Crypto.com review.
We hope this article was helpful to you and you know more about what should be done when a Binance deposit fails. To learn more about how Binance works, check all you need in our Binance review.
FAQ:
How to know if your deposit was successful?
In your Binance account, under the ‘Deposits & Withdrawls’ tab of your wallet, you will be able to see the transaction status. It is changed to ‘Successful’ when a transaction is completed.
How to Retrieve the Deposit that Hasn’t Arrived in Binance?
Binance cannot assist if the transaction is ‘unconfirmed’ or ‘failed’. You should find your Transaction ID (TxID) and contact the relevant withdrawal platform.
How to use self-service recovery on Binance?
Perform a self-service recovery to retrieve the missing funds. However, you can only request self-service recovery for crypto deposited to your Binance account marked as ‘confirmed/success’.
Please note that some transactions are ineligible for self-service recovery, such as the wrong withdrawal address if your funds have already been withdrawn from your Binance account, you deposited funds to another user’s account, and it has yet to arrive, or the deposit address is a contract address not supported by the BNB Pioneer Burn Program;
How long does Binance hold your deposit?
Binance’s 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.
How do I check my pending deposit on Binance?
Using a blockchain explorer, you may use the TxID (Transaction ID) to look up the status of the transfer of your assets or log in to your Binance account under the wallet tab. You will see the ‘Transaction History, where you can view your cryptocurrency deposit record.
