There are three methods to withdraw funds from Binance (formerly Binance EX), namely "on-chain withdrawal," "internal transfer," and "C2C trading." However, due to regulations from the Financial Supervisory Commission: "Starting from November 30, 2024, those who provide virtual asset services without completing registration with the Financial Supervisory Commission will face imprisonment for less than two years or a fine of less than 5 million TWD. For corporate violators, in addition to punishing the individual responsible, a fine of less than 50 million TWD will also be imposed on the corporation." Therefore, currently, Binance can no longer facilitate deposits and withdrawals in TWD.
If you have made money on the Binance exchange and want to convert it to TWD, or if you temporarily need to transfer or use fiat currency, can you withdraw funds from Binance at any time? Of course, you can. In this article, I will guide you step by step through four withdrawal methods and detailed steps, while also analyzing the pros and cons of each method!
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Next, I will introduce the four methods for withdrawing funds from the Binance exchange, sorted by common usage.
Three methods for withdrawing from Binance: Complete guide to on-chain withdrawal, internal transfer within the exchange, and C2C trading.
Can you directly withdraw TWD or USD from Binance?
Withdrawing TWD or USD from the exchange is the main demand for most users. In the past, we could directly use Binance's C2C trading to convert cryptocurrency to TWD. However, starting from last year (2024), due to relevant regulations from the Financial Supervisory Commission in Taiwan, exchanges no longer support TWD C2C trading. Therefore, to withdraw TWD, you need to first transfer to a local exchange in Taiwan (such as MAX or BitO) to successfully withdraw.
As for USD withdrawals, Binance still supports C2C trading for USD, as well as for EUR, JPY, CAD, VND, and ZAR, etc., which can be transferred to your foreign currency account via bank transfer. In addition to C2C, we can also withdraw cryptocurrency to overseas exchanges (such as Backpack or Kraken) to cash out USD and wire it back, which can be included in the tax-exempt amount for foreign income to prevent being taxed more. For detailed methods, please refer to the following tutorial:
Complete tutorial on three methods for withdrawing from Binance.
I recommend that everyone first convert their cryptocurrency assets to USDT for withdrawal, as USDT supports more chains and is more stable in price, making it easier to withdraw on-chain or directly convert to fiat currency.
Here is a summary of the supported chains and network fees for withdrawing USDT from Binance for your reference:
| Withdrawal Network | Withdrawal Fee |
|---|---|
| Tron (TRC20) | 2.3 USDT |
| Ethereum (ERC20) | 0.52 USDT |
| X Layer | 0.1 USDT |
| Aptos | 0.03 USDT |
| Arbitrum One | 0.098 USDT |
| Avalanche C-Chain | 0.22 USDT |
| Optimism | Withdrawal paused, expected recovery time: July 30, 2025, 6:19 PM |
| Polygon | 0.8 USDT |
| Solana | 1 USDT |
| TON | 0.15 USDT |
Overview of Binance USDT withdrawal networks and fees.
Next, I will introduce three methods for withdrawing from the Binance exchange, sorted by common usage.
- On-chain withdrawal of cryptocurrency to other wallets
Cryptocurrency assets in the Binance exchange can also be withdrawn to other wallets, such as MetaMask, Binance Wallet, or Phantom, etc. This is also done through on-chain withdrawal. First, generate a receiving address in your wallet and copy it. The following steps are as follows:
In the Binance APP, click on "Withdraw" in the asset page to withdraw digital currency.
Select the cryptocurrency you want to withdraw; I will choose USDT here.
Select the recipient: non-custodial wallet.
Select the network: remember to choose the same chain as the wallet's receiving address.
Paste the wallet's receiving address, fill in the withdrawal amount, and submit. After completing the verification, you are good to go.
Once the coins are transferred to your Web3 wallet, you can perform some on-chain operations.
- Internal transfer within the Binance exchange
If you want to transfer cryptocurrency to another Binance user, you can use the internal transfer function of the Binance exchange.
If you temporarily need to exchange USDT for TWD, but the MAX review takes too long, you can actually transfer USDT to a friend and ask them to give you cash directly. In this case, internal transfer is very useful because Binance internal transfers do not incur fees and are very convenient. You only need the other party's phone number, email, or UID to transfer, making it less likely to make mistakes since you don't need to select a chain. Here’s how to do an internal transfer:
In the Binance assets, click on "Withdraw" to withdraw digital currency.
Select the cryptocurrency you want to transfer; I will demonstrate using USDT.
Next, select the recipient as a Binance user.
Fill in the other party's phone number, email, or UID, enter the amount to be transferred, and click submit.
Note that the phone number and email here must be bound to Binance by the other party; if they haven't bound their phone number, you cannot use the phone number for internal transfer.
- C2C trading
The fourth method: C2C trading is the least used withdrawal method by me because we usually cannot know where the money from the person we are trading with comes from, which raises some concerns. However, if you want to withdraw fiat currency from Binance, most currencies other than TWD can be used.
Click on "Withdraw" and select C2C trading.
Click the small arrow on the right to choose the cryptocurrency and fiat currency.
Once selected, you can enter the amount and choose the payment method.
It is recommended to select bank transfer directly.
Next, add the payment method.
Enter your account details, including name, account number, bank, and branch, etc.
After filling it out, click to select the order and submit it.
Which withdrawal method from Binance is the most cost-effective?
The four withdrawal methods introduced above are used in different scenarios and have their own advantages and disadvantages. I have organized a table for you to see at a glance!
Comparison table of four withdrawal methods from Binance
| Item | Withdraw TWD to Taiwan exchange | On-chain withdrawal to other Web3 wallets | Internal transfer to Binance users | C2C trading to exchange for other fiat currencies |
|---|---|---|---|---|
| Usage Timing | When there is a small amount of TWD withdrawal needed | When there is a need for on-chain operations | When the transfer object is also a Binance user | When there is a need for fiat currencies other than TWD |
| Withdrawal Currency | Fiat currency, mainly TWD, with some local exchanges supporting USD withdrawals, such as XREX | Cryptocurrency | Cryptocurrency | Fiat currency, other than TWD, such as USD, EUR, JPY, VND, etc. |
| Withdrawal Fees | On-chain transfer fees | On-chain transfer fees | No fees | Bank transfer fees |
| Complexity of Operation | High | Medium | Low | Medium |
| Is it necessary to select the corresponding chain? | Yes | Yes | No | No |
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Common questions and answers about withdrawing from Binance
Withdrawal is a very important part of the cryptocurrency circle. I have organized some questions and answers you may encounter here. If you have any further questions or want to know more, you can join the Bit Savior LINE community to ask me for help!
Can Binance withdraw JPY or other foreign currencies?
Yes, Binance's C2C trading supports JPY, so we can convert cryptocurrency to JPY through C2C and then transfer it to a foreign currency account via bank transfer.
Why can't Binance withdraw TWD?
Because the Financial Supervisory Commission of Taiwan stipulated in 2024 that if an exchange has not completed VASP registration, it cannot provide these services. Therefore, Binance issued a statement in June 2024 to stop TWD C2C trading. Thus, to withdraw TWD, you need to go through an exchange registered with the Financial Supervisory Commission of Taiwan.
Why does the Financial Supervisory Commission restrict TWD C2C withdrawals?
Because Taiwan's current regulations are not yet perfect, there are often updates and changes. The main purpose of restricting TWD C2C is to prevent money laundering and promote more exchanges to complete VASP registration. With registration, the Financial Supervisory Commission can better supervise and regulate these exchanges, providing more protection for users.
Can TWD only be withdrawn from Binance to MAX exchange?
In addition to MAX exchange, you can also transfer to BitO or XREX, etc. I personally use MAX the most, so I used MAX as an example in the article. However, note that MAX exchange has recently implemented stricter regulations, and new registered users may experience longer waiting times for manual review.
Do I have to convert all my coins to USDT to withdraw TWD?
Not necessarily. As long as the exchange provides cryptocurrency trading pairs with TWD, you can convert them to TWD for withdrawal. I recommend converting to USDT before withdrawing mainly because it supports more chains, and the exchange rate of USDT is also relatively stable compared to other coins, pegged 1:1 to USD.
Can Binance directly withdraw Bitcoin?
Yes, all three withdrawal methods mentioned in the article can be used for Bitcoin. As long as you select the correct chain for on-chain withdrawal, there should be no problem.