How to Recover Crypto: Cryptocurrency, sometimes called cryptocurrency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead of using a decentralized system to record transactions and issue new units.
Binance is a cryptocurrency exchange that is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.
Binance was founded by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China but later moved its headquarters out of China following the Chinese government’s increasing regulation of cryptocurrency.
In 2021 Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.
How to Recover Crypto
When withdrawing or depositing crypto into your Binance account, pay careful attention to the network you choose. It’s easy to confuse Binance Smart Chain (BEP-20) with Ethereum (ERC-20) and send your tokens to the wrong blockchain. If the crypto wallet you deposited into supports BEP-20 and ERC-20 tokens, you can send your crypto back to Binance with a few simple steps.
If your wallet only handles ERC-20 or BEP-20, you will need to import your wallet’s private key into a new wallet that supports both blockchains. Depositing to the wrong blockchain in your Binance account, another crypto exchange, or custodial wallet is more tricky to resolve. In this case, contact your wallet’s support team to see if they can help.
If you’ve been making withdrawals from Binance, you’ve probably noticed that some coins have different transfer networks available. Even seasoned HODLers are sometimes puzzled about choosing the correct blockchain for their transactions. Which one do you pick when withdrawing your crypto to another wallet?
In short, you should choose the same network as the one used by the target receiving wallet. Technically, that will depend on which token standard you are using, such as ERC-20, BEP-20, or BEP-2.
If you have sent your crypto to the wrong blockchain, it’s essential to figure out the type of wallet you sent them to. Should access your private key or seed phrase, you have a non-custodial wallet. If you don’t, your wallet is custodial. With this information, you can then try out our three possible solutions.
I’ve sent funds to the wrong network. What to do?
First of all, don’t panic. If you’ve sent ERC-20 tokens (like ETH) using Binance Smart Chain (BSC) or sent BEP-20 tokens via the Ethereum network, you should be able to retrieve them. There are three different situations, each with its own solution:
- Must send the tokens to a wallet that supports BSC and Ethereum. You can send the tokens back to the correct network on Binance.
- Try to send the tokens to a wallet that only supports either BSC or Ethereum. You will need to access your private key to import into a wallet that supports both.
- You sent the tokens to a custodial wallet or crypto exchange. Ask your wallet provider for help or the exchange’s customer service. It may not be possible to recover your funds. Before working on a solution, it’s worth understanding what’s happened to avoid the same problem in the future.
What’s the difference between BEP-20 and ERC-20?
ERC-20 and BEP-20 are token standards that describe specific rules and technical guidelines for tokens. They govern how transactions, deposits, and withdrawals are all made. Both ERC-20 and BEP-20 standardize how a token interacts with different wallets, projects, and smart contracts.
The 2 requirements share many similarities in how they perform, however, ERC-20 is one-of-a-kind to Ethereum, and BEP-20 is exclusive to the Binance smart Chain. In simple phrases, they may be token requirements that each belong on a distinctive blockchain.
If your crypto is on the wrong network, it won’t be usable for the reason you need. as an example, Ethereum despatched to BSC won’t be usable in Ethereum DApps and clever contracts.
What happens when I send a BEP-20/ERC-20 token to the wrong blockchain?
If you send an ERC-20 token to BSC or a BEP-20 token to Ethereum, the token will land in the same wallet address on the chosen network. Your BSC and Ethereum wallet addresses are identical and are accessible with the same private key.
For example, sending ETH to BSC will end up as a BEP-20 token pegged to Ether in your wallet address on BSC. You can use BscScan.com to check this with your transaction ID or Etherscan.io when you’ve sent BEP-20 tokens to the Ethereum network. Here is an example (from BscScan) of someone who withdrew their ERC-20 ETH and chose the BSC (BEP-20) transfer network in their Binance wallet. These tokens now show up as Binance-Peg Ethereum under the same wallet address on BSC.
Fortunately, your crypto won’t have disappeared. All you need to do now is send it back to the correct blockchain you need. Check our solutions below that match your situation.
Recovering from a wallet that only supports either BSC or Ethereum
To recover your tokens in this situation, you will need to import your wallet’s private key into a new wallet that supports both blockchains. Depending on the importing wallet, you may also be able to use your seed phrase instead of your private key.
Importing a private key
When you import a wallet’s private key into another wallet, you get access to the funds related to that private key, even when using a different wallet.
In other words, importing a wallet’s private key will not send the funds to your importing wallet. It will just make the external wallet accessible from a different application. Note that custodial wallets will typically not have this option as they do not provide you with a private key.
The most commonly used wallets for doing this include Metamask, Trust Wallet, Math Wallet, SafePal, and TokenPocket. This example will use the MetaMask Google Chrome extension and retrieve ETH that was accidentally sent to BSC.
Retrieving your funds
- Access your MetaMask wallet or create a new one if you don’t have one already. MetaMask is also available as both an app for iOS and Android.
- If you are creating a new account, you will be given the option to import your old wallet’s seed phrase.
- If you already have an account, simply click the MetaMask extension pin, followed by your account profile at the top right.
- Click [Import Account] and then input your wallet’s private key with the missing crypto. Click [Import] to finalize. You can also upload a JSON file if you have one.
- Next, you will need to add the BSC network to your MetaMask account manually. Click the MetaMask extension pin, followed by the network dropdown menu at the top middle. Click [Custom RPC] at the bottom of the list.
- You will need to add details to allow MetaMask to access Binance Smart Chain. These details include a Remote Procedure Call (RPC) URL. This URL enables MetaMask to query information from BSC’s blockchain and make transaction requests.
- Now, add the correct token contract to your MetaMask wallet. This step will allow your chosen BEP-20 supporting wallet to scan for the lost token. You can find a list of tokens and token contracts on BscScan. For ERC-20 ETH sent to BSC, click on Binance-Peg Ethereum Token (ETH) to find its token contract.
- Copy the token contract in preparation for the next step and take note of the Decimals field.
- Select [BSC Mainnet] from the network dropdown list, click [Add Token], and then click [Custom Token].
- Input the Token Contract Address, Token Symbol, and Decimals of Precision.
- You should now see your lost ETH tokens in your wallet balance. From here, you have the option of sending it back to your Binance account’s BEP-20 wallet address. You can also use Binance Bridge with MetaMask to convert your token to ERC-20 if you wish.
Recovering from a custodial wallet or exchange
If you attempt to withdraw your funds to a custodial wallet without BEP-20 support, such as another crypto exchange, you will need to contact the wallet’s custodial holder.
Some custodial wallet providers may help for a fee or allow you access to your private keys. You can then import the private key into a BSC supporting wallet. Most, including exchanges, will unfortunately not be able to provide you with your key.
If you deposit tokens into your Binance account with the wrong blockchain selected, Binance cannot help you retrieve your crypto.
In Conclusion
Choosing the correct transfer network is one of the most tricky parts of withdrawing your crypto from Binance. But once you’ve got your head around it all, you won’t be sending your BTC or ETH to the wrong network any time soon. In most cases, with a standard wallet, your funds are SAFU and retrievable with a little bit of work.
However, if there is anything you think we are missing. Don’t hesitate to inform us by dropping your advice in the comment section.
Either way, let me know by leaving a comment below!
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