Highlights
Binance has a comprehensive procedure to help users recover funds lost due to deposits sent in error. Although recovery is not guaranteed, there are cases where users can get their cryptocurrencies back.
When depositing assets on Binance, users should check supported tokens, network status, and deposit addresses to avoid any inconvenience.
Binance offers several types of deposit recovery services, including the BNB Pioneer Burn program. This article describes each type of service in more detail, along with their corresponding times, commissions and expected results.
At Binance, safeguarding user assets is our priority. We strive to provide an easy-to-use platform, but we understand that errors can occur, especially when it comes to depositing funds into Binance account.
We understand the frustration that can arise when deposits are lost or you run into problems during the process. For that reason, we implement comprehensive procedures to help users recover their lost assets. Thanks to our qualified technical team, reliable support and easy-to-use interface, we have successfully prioritized addressing user concerns to provide quick solutions. Each month, we process approximately 4,000 recoveries and recover approximately 7 million USDT worth of tokens.
In this article you will find an overview of our recovery process, as well as useful rules and tips for recovering funds if you had problems during the deposit.
Self-custody wallet vs. platform wallet
When you deposit assets to your Binance account, your funds are directed to a unique “deposit address” that Binance manages for you.
Your Binance deposit address is different from the addresses of self-custody wallets such as Trust Wallet, Metamask, etc. In a self-custody wallet, users have the private keys to their wallet, so they control their funds. However, when you deposit funds on a decentralized platform like Binance, we manage the wallets and deposited funds for you.
For more information, see How and why assets move between Binance wallets in deposit addresses.
Therefore, claiming assets sent to the wrong address requires a very different approach when dealing with a centralized exchange.
How to deposit correctly
Prevention is better than cure. Therefore, it is recommended to check supported networks and tokens before making a deposit of unlisted tokens to avoid loss of assets.
1. You can also go to the Deposit and Withdrawal Status page to check whether the deposit network status is normal. If you deposit to a suspended network, your tokens will not be credited immediately. Please note that if you cannot find the tokens here, it means that token is not supported on Binance.
2. Click “Normal” and you will be redirected to the Crypto Deposit page. Please note that only networks supported on the Binance platform are displayed. If you deposit through another network, your assets could be lost.
3. Verify the deposit address and memo/tag (if necessary). You can also check the token contract address to ensure that the token you are depositing is credited correctly.
For more information, see How to deposit cryptocurrency on Binance.
Types of Deposit Recoveries and How to Recover Lost Funds
If your deposited funds do not appear in your Binance account, you can request a self-managed recovery. This recovery process is manual. Our dedicated team meticulously analyzes each request to assess the feasibility of recovery.
As a leading cryptocurrency exchange, we pride ourselves on providing diverse recovery support: we facilitate recoveries in cases of failed deposits or those where the memo was missing, as well as recovery through the BNB Pioneer Burn program. Using advanced technology and industry best practices, we strive to keep your assets safe and ensure an efficient recovery process.
The following table provides:
A summary of possible incorrect deposit scenarios.
The projected wait time for our assistance in recovering your funds.
The expected commissions associated with the process.
The result you can expect at the time of resolution (refund or credit).
Please note that successful recovery of funds is not guaranteed and not all deposits may be recovered due to factors such as development resources, manpower and technical complexities. This table does not represent a binding commitment from Binance to recover your funds in every circumstance. Ultimately, you are responsible for your funds and it is essential that you fully understand our services before using them.
Legal notice: This table contains general information only and certain recovery processes may take longer than indicated. Several factors can extend the duration, such as the type of tokens not supported and the complexity of their recovery. Commissions are subject to change and are not fixed. They may vary based on changing market conditions, operating costs and technological advances.
Different types of deposit recoveries
Below we include some examples of situations where incorrect deposits may occur.
Repository Memo is missing or incorrect Memo
A tag or Memo is a unique identifier assigned to each account to ensure that the deposit is credited to the corresponding account. When depositing certain cryptocurrencies, such as BNB, XEM, XLM, XRP, KAVA, ATOM, BAND, EOS, etc., it is essential to enter the corresponding tag or Memo to ensure the success of the transaction.
For more information, see How to Recover a Crypto Deposit with Missing or Incorrect Tag/Memo.
Old deposit or delisted tokens
From time to time, we rigorously evaluate each digital asset listed on our platform to ensure that it continues to meet the high standards we set. If a coin or token becomes non-compliant, or if the industry landscape changes, we conduct a re-evaluation which may result in the token being delisted. We believe this approach is the best way to protect all of our users. Therefore, you should be careful not to deposit unlisted tokens into your Binance account. You can find more information on our delistings page.
Non-credited deposit
Even if you enter all required deposit information correctly (i.e. token, network, and address), some cryptocurrency deposits may not appear in your account as expected. This delay may be a result of high traffic on certain blockchain networks, causing congestion and therefore slower processing times. Additionally, we sometimes employ additional security measures to ensure the accuracy of transactions. If your deposit still does not appear in your account after a considerable period of time, we request that you contact our Customer Service for further assistance.
Hot wallet deposit
When you make a deposit on Binance, you send tokens to a specific deposit address. These tokens are then moved to one of our hot wallets, as is the case on most exchanges. However, please note that when you make withdrawals, the sending address will not be the same as the deposit address you used before, but rather one of our hot wallets. When making deposits, be careful not to send assets to the hot wallet withdrawal address. Follow the deposit instructions and verify the deposit address to avoid problems.
Escrow of unlisted tokens on supported networks
If you deposit a token that our platform does not support, it will not appear in your wallet. For a full list of supported tokens and networks, see here.
Escrow of delisted tokens on unsupported EVM networks
An EVM (Ethereum Virtual Machine) is a fundamental component of the crypto ecosystem. As we know, we have expanded our experience and positioned ourselves as pioneers in providing EVM recovery solutions. The currently supported EVM-compatible networks are OKC, KCC, and CRONOS. More networks will be added in the future.
Cross address bucket
A cross-address deposit is the process of transferring tokens from one blockchain address format to another blockchain address format. For example, sending DOGE tokens to a DGB deposit address. Please note that these recoveries are evaluated on a case-by-case basis and there is no guarantee that the recovery will be successful.
Smart recovery
Binance is continually working to improve efficiency and reduce recovery time through innovative measures. With the smart recovery process, we take care of specific tokens across the networks of MATIC, TRX, BSC, FTM, ETH, HT, and more to come. With this process, users can enjoy a reduced recovery time (up to 14 business days) and pay as little as 5BUSD. In the event that your deposit is of a token incompatible with any of these networks and you see a "recover" button in your recent transaction record, just click on it and initiate the return of the funds.
BNB Pioneer Burning Program
Binance launched the BNB Pioneer Burning program. This initiative aims to help eligible users who inadvertently lost tokens while using BNB Smart Chain. As part of the BNB Pioneer Burn program, Binance will compensate users for their losses in approved cases and will consider tokens lost in our BNB token burning activities.
