A warning about depositing from Binance


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Over the past few months, we’ve seen a disturbing trend of users who want to deposit ETH (or ETC) into their accounts, unknowingly sending Binance Chain (BNB/BSC) peg tokens when depositing directly from Binance. I was.

When Binance started their blockchain they chose to use the same 0x address standard as Ethereum and set up these costly mistakes. They have done little to do so, and may even promote their own tokens by showing faster and cheaper tokens in the withdrawal window. Choose one of these options. Since we do not operate on the Binance blockchain and can only deposit the Ethereum version of his ETH sent to the player’s deposit address, most of the time these users lose their funds with no way to recover them. increase. This applies not only to users of our site, but also to users of many other sites that operate on the Ethereum blockchain. We strongly encourage Binance to improve its interface and help users avoid losing their funds.

In the meantime, I would like to issue a clear warning. Be careful when depositing into services directly from Binance, especially if he deposits ETH, ETC, or other 0x prefixed coins/tokens. Ideally, send your deposits through one of your addresses first and avoid sending them directly from one service to another. Please select a suitable network. At the time of writing, ETH is called “ETH/Ethereum (ERC20)” and ETC is called “ETC”. If you choose other networks such as BSC or BNC when withdrawing from Binance, you will lose your funds.


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Conor the Tech Veteran
He previously spent 6 years publishing research on tech stocks, and believes in using a combination of fundamental, technical, and quantitative analysis. Prior to a career in tech stocks journalism he was a technology and semiconductor analyst with a research team.

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