Main topics of the post:
Binance has a comprehensive procedure to help users recover their funds lost due to incorrect deposits. Although recovery is not guaranteed, there are many cases where users are able to successfully recover their cryptocurrencies.
When depositing assets on Binance, users should check accepted tokens, network status, and deposit addresses to avoid problems.
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 processing times, fees, and expected results.
At Binance, protecting users' assets is our top priority. We strive to provide an easy-to-use platform, but we understand that mistakes happen – especially when depositing funds into your Binance account.
We understand the frustrations that can arise when deposits go missing or when we encounter problems during the deposit process. That's why we have implemented comprehensive procedures to help our users recover lost assets. Through our qualified technical team, reliable support and easy-to-use interface, we prioritize addressing users' concerns and delivering immediate solutions effectively. Every month, we process approximately 4,000 recovery requests, restoring approximately 7 million USDT worth.
This article provides an overview of our recovery process, rules and helpful tips for recovering funds if there is a problem during deposit.
Self-custody vs. self-custody portfolio 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 deposit address on Binance is different from the addresses of self-custody wallets such as Trust Wallet, Metamask, etc. In a self-custodial wallet, users hold the private keys to their wallet, fully controlling their funds. However, when you deposit funds to a centralized platform like Binance, we manage the wallets and deposited funds on your behalf.
For more information, check out how and why assets are moved between Binance Wallets and deposit addresses.
Therefore, recovering assets sent to an incorrect address requires a very different approach when dealing with a centralized exchange.
How to deposit correctly
Prevention is better than cure. Therefore, it is advisable to check the accepted tokens and networks before making any deposit of unlisted tokens to avoid any loss of assets.
1. You can also access the Deposit and Withdrawal Status page to check whether the deposit network status is normal. If you deposit on a suspended network, your tokens will not be credited immediately. If you cannot find the tokens here, it means the token is not accepted on Binance.
2. Click "Normal" and you will be redirected to the Cryptocurrency Deposit page. Only accepted networks are displayed on the Binance platform. If you deposit through another network, you may lose your assets.
3. Check the deposit address and Memo/Tag (if necessary). You can also check the token's contract address to make sure the deposit will be credited correctly.
For more information, check out How to Deposit Cryptocurrencies on Binance.
Types of deposit recovery and how to recover lost funds
If the deposited funds do not appear in your Binance account, you can request a self-service recovery. The recovery process is manual. Our dedicated team thoroughly reviews each request to assess the viability of recovery.
As a leading cryptocurrency broker, we pride ourselves on providing diverse recovery support. We facilitate the recovery of deposits that had an error or lack of Memo for the BNB Pioneer Burn Program. Leveraging advanced technology and industry best practices, we strive to keep your assets safe and ensure an efficient recovery process.
The table below provides:
An overview of possible scenarios for incorrect deposits.
The expected wait time for our assistance in recovering your funds.
The expected fees associated with the process.
The result you can expect after resolution (refund or credit).
Successful recovery of funds is not guaranteed and not all deposits may be recovered due to factors such as development resources, labor and technical complexities. This table does not represent a binding commitment by Binance to recover your funds in all circumstances. After all, you are responsible for your funds and it is essential to fully understand our services before using them.
Disclaimer: This table contains general information only and certain recovery processes may take longer than indicated. Several factors can extend the duration, including the type of tokens that are not accepted and the complexity of their recovery. Fees are subject to change and are not fixed. They may vary according to changes in market conditions, operating costs and technological advances.
Different types of deposit recovery
Below are some examples of situations in which incorrect deposits may occur.
Missing or incorrect deposit memo
A Tag or Memo is a unique identifier assigned to each account to ensure a deposit is credited to the correct account. When depositing certain cryptocurrencies such as BNB, XEM, XLM, XRP, KAVA, ATOM, BAND, EOS, etc., you need to enter the respective Tag or Memo to ensure a successful transaction.
For more information, check out How to Recover Cryptocurrency Deposits with the Wrong or Missing Tag/Memo
Deposit of old or delisted tokens
We periodically review each digital asset listed on our platform to ensure it continues to meet our established standards. The moment a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and may choose to remove it from the list. We believe this approach better protects all of our users. Be careful not to deposit delisted tokens to your Binance account. You can find more information on our delisting announcements page.
Deposit not credited
Despite correctly entering all the details required for the deposit (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 the transaction. If your deposit still does not appear in your account after a considerable period of time, we ask that you contact our customer service for further assistance.
Hot wallet deposit
When you make a deposit on Binance, you send your tokens to a specific deposit address. These tokens are then moved to one of our hot wallets, as is the case with most exchanges. However, please note that when you make withdrawals the shipping address will not be the same as the deposit address you used previously, 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 double-check the deposit address to avoid problems.
Depositing unlisted tokens to supported networks
If you deposit a token that is not accepted by our platform, it will not appear in your wallet. For a comprehensive list of supported tokens and networks, visit https://www.binance.com/pt-br/network.
Depositing unlisted tokens on unsupported EVM networks
The EVM (Ethereum Virtual Machine) is an essential component of the crypto ecosystem. Recognizing this, we have expanded our expertise and positioned ourselves as pioneers in providing EVM recovery solutions. Currently, the supported EVM-compatible networks are OKC, KCC, and CRONOS (more networks will be supported in the future).
Cross Address Deposit
A cross-chain deposit refers to 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 be advised that such recoveries are assessed on a case-by-case basis. There is no guarantee of successful recovery.
Smart Recovery
Binance continuously works to improve efficiency and reduce recovery time through innovative measures. With the Smart Retrieval process, we service specific tokens through the MATIC, TRX, BSC, FTM, ETH, HT networks (and more to come). With this process, users can enjoy reduced recovery time (up to 14 business days) by paying 5 BUSD. If you deposit a token that is not accepted on any of these networks and notice a "recover now" button in your last transaction history, simply click it to begin returning your funds.
Programa BNB Pioneer Burn
Binance has launched the BNB Pioneer Burn Program. This initiative aims to help qualified users who accidentally lost tokens while using the BNB Smart Chain. As part of the BNB Pioneer Burn Program, Binance will compensate users for their losses in accepted cases by counting the lost tokens in our quarterly BNB token burn activities.
