MultiversX Tracker is Live!

Binance can recover funds from wrong Networks - and the fee is just 500 BUSD

All Cryptocurrencies

by COINS NEWS 143 Views

Something really stupid happened to me recently. I don't want to defend my error, I was just distracted and accidentally transferred about 120$ in WETH to my Binance Polygon address. I remembered correctly using this address before on Polygon, but in fact it only accepts MATIC (and last time I swapped before sending).

Now after some research I found out they are actually able to recover unsupported tokens from supported networks - and looks like the fee was 0.001 BTC for this (varied from 30-50$ during that time). One example of someone doing this just 2 months ago can be found here. (See the update time on OPs comment, not the post time).

I fully understand this was my mistake alone. I fully understand this causes additional work, which I was gladly going to pay. Started the automatic application process. and it turns out they now charge 500 BUSD (fixed) for the exactly identical recovery process. Since this is more than what I send by mistake, it's obviously not worth it.

I chatted with support and wrote in the official Binance subreddit to confirm this is not a mistake. They told me it takes that amount of work and "mining costs" to send from Polygon. I better leave this last part uncommented.

Now I never considered this amount recoverable in the first place, I am still shocked how Binance CAN recover in such situations, but just actively decided not to do it anymore for small amounts - and even for large amounts like a few thousand dollars, 500$ is still a pretty large fee in my opinion.

tl;dr: Send WETH on Polygon to Binance, even though they don't support the coin (but hey support the network). Recovery is possible but the fee was increased from 50$ to 500$ in the last two months. Sounds like Binance doesn't really care for small customers.

Don't do the same mistake as me - remember to always make a test transaction on cheap networks and don't do crypto in a hurry / when tired.

submitted by /u/Maxx3141
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments