Encountering the “Withdrawal Initiation Failed” message on KuCoin can be frustrating, but understanding the potential reasons behind it can help resolve the issue:
- Transaction ID Absent: The absence of a transaction ID suggests that the withdrawal wasn’t processed on the blockchain, indicating an issue with the exchange.
- Insufficient Confirmations: If the required blockchain confirmations aren’t met, the funds won’t appear in the receiving wallet.
- Wallet or Transaction Glitches: Even with confirmations, funds might not show up due to issues with the receiving wallet or the transaction itself, similar to deposit delays.
- Sending to the Wrong Address: Sending funds to an incorrect or outdated address can result in irreversible loss.
- Suspension of Withdrawal Services: KuCoin’s suspension of withdrawal services for a specific coin can halt or delay withdrawals.
- Unsupported Blockchain Network: Withdrawals on unsupported blockchain networks may render funds unrecoverable, akin to unsupported chain deposits.
Table of Contents
KuCoin Withdrawal Completed But Funds Not Received
Fix 1: Verify Withdrawal Status on KuCoin
Navigate to the KuCoin withdrawal page to confirm the status of your withdrawal request. If it displays “Succeeded,” KuCoin has processed the withdrawal, and cancellation isn’t available.
Fix 2: Confirm Recipient Address
Double-confirm the recipient address you submitted for the withdrawal. Ensuring its accuracy is essential to match the intended destination wallet, as any discrepancies may lead to irreversible fund loss.
Fix 3: Monitor for Network Delays
Be vigilant for potential congestion or delays on blockchain networks. Particularly during peak times of high traffic, transactions may experience prolonged processing times, requiring patience while awaiting confirmation.
Fix 4: Ensure Decimal Accuracy
When transferring cryptocurrencies, adhere to the prescribed number of decimal places. Enter the withdrawal amount as an integer or with up to 6 decimal places. This precision facilitates seamless processing by both the network and the receiving platform.
Fix 5: Match Asset with Correct Wallet
Ensure the cryptocurrency matches the correct wallet type to prevent irreversible loss of funds. Double-confirm the currency type and send it to the corresponding wallet address, avoiding incorrect transfers that may not be recoverable, such as sending BTC to an ETH address.
Fix 6: Reach Out to KuCoin Support
If you’ve ensured the withdrawal status, verified the recipient address, and encountered no network delays, contact KuCoin’s support team. Provide comprehensive transaction details, including the recipient’s address and the transaction ID (TXID), to request assistance with the withdrawal. Seek guidance from KuCoin’s online support for further assistance.
Dealing with the “Withdrawal Initiation Failed” issue on KuCoin can be frustrating, but following the steps outlined in this guide can help you address the problem. It’s essential to double-check your withdrawal information, stay alert for potential network delays, and contact KuCoin’s support team if needed. By taking these measures, you can ensure a seamless withdrawal experience on the KuCoin platform.