Unable to withdraw / transfer USDT from Binance: "Your deposit has not reached required block confirmations?"
Sorry for asking this question here. I posted the same on Binance Reddit. There was no response for over a day and then they finally deleted the query. Seems like they tend to remove any message that are negative. Now I've emailed Binance support regarding this.
Anyways here is my issue:
I'm trying to withdraw USDT from Binance but for some reason I can't initiate the transfer. All I get is an error message stating
"Your deposit has not reached the required number of confirmations. As such, we have temporarily frozen 0.85 BTC worth of funds in your account". Please be patient and wait for required number of confirmations.
I have more than enough block confirmations on my deposit. Not sure what the problem is and I never faced this before. Anyone here knows what might be the issue?
I've gone through similar situation once. But I didn't deposit USDT but BTC. After the deposit is complete I converted my Bitcoin to USDT. Then later on when I tried to withdraw USDT from Binance wallet I got a popup window with same error message as yours.
"As your deposit have not reached the required block confirmations, we have temporarily locked 1.2 BTC."
I got this error message even though when my BTC deposit had more than 60 confirmations.
Submitted support ticket and this is the response I received.
"Thank you for getting back to us.
We feel so sorry for the inconvenience caused to you.
For the account safety reason, Binance applies a “T+1” withdrawal limit to the assets purchased via adding a credit/debit card.
The “T+1” withdrawal limit can prevent illegal funds from entering the Binance platform by extending the withdrawal time. Thus it can reduce the risks of frozen funds and improve security.
Illegal funds are usually frozen by banks within 24 hours. By restricting withdrawal within the 24-hour window, we ensure that the asset involved can still be recovered if any problem arises from illegal funds, thus reducing the risk and improving the security of the user's assets.
Thank you for your understanding and cooperation.
Best regards,
Binance Support Team"
Since you have already emailed this issue wait for the reply from Binance support. You should be able to withdraw your funds eventually. They seem to manually process withdrawal / transfers especially when the amount is big.