Exchanges are all set to convert your euros easily into crypto coins and back. However, withdrawing euros from a crypto exchange can be a hassle.
There are various crypto exchanges that claim to offer the option to withdraw euros easily, but even the biggest of these crypto exchanges, like Binance, are facing problems while transferring euros out from the exchange, letting people access their assets in fiat.
Common issues when withdrawing euros from a crypto exchange
When trying to withdraw euros from a crypto exchange, users experience different issues which makes it hard for them to withdraw their traditional coin from the exchange to the regular banking system.
Not all the processing processes are in control of crypto exchanges, in most cases, the blocker is the institution receiving the transferred funds.
Impossible verifications hoop
Requests of deposit proof is another common problem that can occur upon requesting to withdraw euros from a crypto exchange. There are some cases in which a properly working crypto account gets flagged for risk management after placing a withdrawal request. Even after completing all the advanced verification processes, users are unable to get their accounts back. Instead, they are asked to provide video proof of their coins deposit.
Unfortunately, some people are unable to provide their transactions’ proof because video files are larger than the accepted media limit of crypto exchanges. Even the customer support team doesn’t do well and asks their customers to do impossible things to prove their transactions.
Payments suspended for maintenance
Sometimes, crypto exchanges also suspend any transaction and label the problem as payments suspended for maintenance. This can further lead to frozen out consumers’ accounts and cause a stressful situation for people anywhere in the world. It is because restoration and proper working of the system may take days to complete.
Users flagged for anti-money laundering and risk management
Fully verified accounts are flagged for money laundering and risk management without any prior notification or warning. Some users claimed that they have verified their proof of address, bank, license, and other important still their accounts have flagged due to unknown reasons upon requesting euro withdrawal from a crypto exchange.
Banking problems are one of the most common yet complicated problems, most of the crypto exchanges fall victim to. Following Binance, there are various other crypto exchanges as well which are facing banking problems while converting and withdrawing their consumers’ fiat assets.
Due to this, many crypto exchanges have announced that they aren’t supporting wire transfers anymore for a few weeks due to a certain bank account problem. Services of intermediary as well as correspondent banks are not supporting fiat withdrawal anymore. So, this can be a major problem for users who need quick fiat withdrawal due to any reason.
There must be a lot of reasons why you want to withdraw euros from crypto exchange. Cashing out is a common frustration of crypto users. Even though today a lot of crypto exchanges claim to convert crypto into cash, not all of them are able to fulfill their claims due to the above-mentioned problems that are halting withdrawal processes all around the world.