Users upset that Binance’s wrong crypto network retrieval fees have soared to 500 BUSD

On Tuesday, Binance’s product team held an “Ask-me-anything” session with Reddit users. Particularly interesting was the discussion about retrieval fees for crypto that has been sent to different networks than the recipient’s Binance wallet address. User Maxx3141 raised the topic.

“I accidentally sent WETH [wrapped Ether] two months ago to my Polygon address. Your exchange supports Polygon but only for MATIC. It had a value of about 100 dollars. It was possible to recover it for a fee of 30$, which I thought was fair. When I called you, I discovered that the fee had been increased to 500 USD.

Another user, Superb_Dragonfruit63, also raised the issue of having to pay 500 BUSD for crypto retrievals on unmatched transactions. The Binance staff replied:

Token retrieval is a technical and operational effort. We charge a fee to process it. It would take the same effort and time, regardless of its value. We appreciate your feedback and will continue to examine our fee structure as we move forward.

Non-custodial wallets are not compatible with centralized exchanges. Instead, wallets on centralized exchanges require matching network addresses between the recipient and sender. Unlisted tokens and coins sent on different networks (e.g. sending Bep-20 BNB from an ERC-20 Ethereum address) can cause funds not to appear on the exchange’s interface. To retrieve the funds, staff of exchanges must access their wallet address manually.

Binance had charged users 0.001 BTC (around $30) to recover funds sent incorrectly. This was a few months before. But not all users felt sympathy for those who voiced their disapproval at the increase in fees. Gamma55 wrote an article on the same topic a while back:

The fee is reasonable considering Binance must pass the issue on to someone who has privileges to make manual transfers to hot wallets. A person with access privileges of this rank is charged a normal hourly rate of around hundreds of dollars. They will bill you the same as larger clients. It won’t cost any extra to send tokens or coins on the wrong networks. Fifty dollars was too low and probably used to get support for unsupported shit.”

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Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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