How to Withdraw Crypto from Binance: A Guide for Australians

Wondering how to withdraw your crypto from Binance? Here, we give you the skinny on how to do it. As the cryptocurrency market continues to evolve, it’s essential for Australian investors in particular to stay informed about managing their digital assets as Binance gets blocked by more and more Australian banks.

A critical aspect of the changing crypto landscape is understanding how to withdraw crypto from Binance. We’ll walk you through the process of withdrawing your funds from Binance and why doing so is especially relevant for Australians.

Why should Australians consider withdrawing crypto from Binance?

Recently, Binance faced challenges with its payment partner, Cuscal, which led to the suspension of AUD deposits and withdrawals via bank accounts in Australia.

Here’s why Australians should consider moving their crypto holdings from Binance to platforms like CoinJar:

Cuscal’s decision

Cuscal, the third-party payments provider for Binance Australia, discontinued its support for the exchange due to concerns related to scams and fraud. As a result, Binance suspended AUD deposits, affecting Australian users.

Limited withdrawal options

With Binance no longer supporting AUD withdrawals via bank accounts, Australians need alternative methods to cash out their crypto holdings. CoinJar provides a good solution. All you need to do is to move your crypto from Binance to CoinJar, then you can keep it in your CoinJar account, or cash out into AUD.

How to withdraw crypto from Binance to CoinJar

Follow these steps to transfer your crypto from Binance to CoinJar.

Log in to Binance

Access your Binance account through the website or app using your credentials.

Navigate to the wallet section

Click on the “Wallet” tab to access your crypto balances.

Select the cryptocurrency

Choose the specific cryptocurrency you want to withdraw (e.g., BTC).

Initiate the withdrawal

Select “Withdraw” and follow the prompts. You’ll need to provide the withdrawal address from your CoinJar account.

Choose the right network

When selecting the network, ensure it aligns with CoinJar’s supported networks. Common options include BEP2, BEP20, ERC20, TRC20, and EOS. Be cautious not to select incompatible networks to avoid losing your funds.

Enter the amount

Specify the withdrawal amount. You’ll see the corresponding transaction fee and the final amount you’ll receive.

Confirm the transaction

Double-check the withdrawal address and network before confirming. Any mistakes could result in permanent loss of assets.

Verify the transaction

Verify the withdrawal request using your usual authentication methods.

Wait for processing

After confirming, patiently wait for the transfer to be processed.

Workarounds and alternatives

While Binance’s AUD withdrawal options are limited, you could also try some alternatives.

Credit or debit card

Convert your crypto to AUD using your cards, but be aware of the fees.

P2P transactions

Find someone willing to buy your crypto using AUD. Agree on an exchange rate and conduct a direct transaction.

Transfer to another Australian exchange

Platforms like CoinJar accept AUD and provide a straightforward way to convert your crypto. So you can move your crypto from Binance to CoinJar, then cash out in Australian dollars.

Conclusion

Withdrawing crypto from Binance to CoinJar ensures a smoother transition, especially for Australians affected by the recent changes. Stay informed, safeguard your assets, and explore reliable alternatives to manage your digital wealth effectively.

If you just want to withdraw crypto from Binance to another platform other than CoinJar, or your own wallet, you can follow the instructions here.