Before going to ways to get crypto back when transferring the wrong wallet code on Binance, let’s look at the cases of transferring the wrong coin. There are 3 cases of mistaken transfer on Binance:
1. You send tokens to a wallet that supports both BSC and Ethereum.
2. You send tokens to a wallet that only supports BSC or Ethereum.
3. You send tokens to a custodial wallet or a cryptocurrency exchange.
In each case, there will be its own solutions, however, before looking for a solution, please consider what happens when you transact with the wrong wallet code, understanding this will help you avoid problems. Unexpected problems occur.
First of all you need to understand the difference between Bep20 and Erc20
Erc20 and Bep20 are the names of token standards that describe specific technical rules and guidelines for each of those tokens. They decide how transactions, deposits and withdrawals are made. Both Erc20 and Bep20 are standards for tokens to interact with other wallets, projects, and smart contracts.
Erc20 is a technical standard for smart contracts on the Ethereum blockchain (Ethereum Chain) for tokens.
Bep20 represents a token standard on the Binance smart chain (Binance Smart Chain for short BSC).
In a word, they are token standards that belong to different Blockchains.
If your cryptocurrency is on the wrong network, it may not be used for what you need it to be. For example, Ethereum sent to BSC will not be usable in Ethereum DApps and smart contracts.
If the wrong wallet code is sent between Bep20 and Erc20, what will happen to your crypto?
If you send Erc20 tokens to BSC or Bep20 tokens to Ethereum, these tokens will go to the same wallet address on the selected network. Your BSC and Ethereum wallet addresses are identical and can be accessed by the same private key.
Your cryptocurrency doesn’t go away but now you need to send it back to the correct Blockchain it needs to be.
How to get cryptocurrency back for each case of wrong wallet code transfer
1. How to get crypto back from a wallet that supports both BSC and Ethereum.
There are 2 options: Use Binance Bridge or use the manual method.
Binance Bridge is a simple tool to convert your assets between Blockchains. You just need to connect your Metamask or Binance Chain wallet and do the conversion. Will need BNB for gas fees on BSC or ETH for gas fees on Ethereum.
Manually converting your tokens requires depositing your crypto back into Binance. The deposit network in your Binance spot wallet must match the blockchain your token is currently using. Once the money has arrived, you can correctly send it back to your external wallet.
We will be manually converting Binance-Peg ETH (Bep20) back into Erc20 formatted ETH. Your wallet needs to have BNB available to pay for gas fees.
first. From your account, on Binance crypto deposit page, select ETH and deposit network Bep20 (BSC). If you send funds to the wrong network, Binance will not be able to recover your funds.
2. Once the ETH is back in your binance account, convert it to Erc20 by withdrawing it to an Ethereum-enabled wallet and selecting the Ethereum (ETH) Erc20 network.
Now, your funds have been safely transferred to the correct blockchain to an external wallet.
You can send tokens back to its correct network with the help of Binance Bridge.
2. How to get crypto back from a wallet that only supports BSC or Ethereum.
To get your tokens back in this case, you need to import the private key of that wallet into a wallet platform that supports both BSC and ETH (metamask, trust wallet, …) and perform the following steps:
For example, you mistakenly sent ETH from Erc20 to Bep20 on Metamask wallet.
Step 1: Login to your Metamask wallet, switch to BSC network. If your Metamask wallet has not integrated BSC, see the article tutorial connect Metamask with Binance Smart Chain (BSC) here you go.
Step 2: Access to BscScan.com and find the contract of ETH in the Binance-Peg Ethereum Token (ETH). Copy the token contract to prepare for the next step and note the decimals field.
Step 3: Add contract of ETH to Metamask wallet. This step allows the Bep20 enabled wallet to scan for lost tokens. Choose [BSC Mainnet], click [Add Token], then click [Custom Token].
Enter the Contract Address of the token, the token’s abbreviation and the length of the decimal (This information I copied in step 2).
After doing the above steps, you will see ETH tokens lost in your wallet balance.
Step 4: You should now see your lost ETH tokens in your wallet balance. From here, you have the option of sending it back to the Bep20 wallet address on your Binance account. Or you can also use Binance Bridge with MetaMask to convert your tokens to Erc20 if you want.
3. How to get crypto back from custodial wallet or a cryptocurrency exchange.
If you withdraw your funds to a custodial wallet that does not support Bep20, such as withdrawing from binance to another crypto exchange, you will need to contact the provider of that crypto exchange .
Some custodial wallet providers may help you for a fee or provide you with a private key. You can then import this private key into a wallet that supports BSC. However, the reality is that most crypto-stores, including exchanges, will not be able to provide you with the private key.
So, if you deposit tokens into your Binance account and choose the wrong blockchain, Binance cannot help you get your crypto back.
When withdrawing or depositing crypto from your Binance account, be careful which network you choose. The Binance Smart Chain (Bep20) wallet code with Ethereum (Erc20) is easy to confuse.
If the crypto wallet you sent by mistake, supports both Bep20 and Erc20 tokens, you can get your crypto back to Binance with a few simple steps using Binance Bridge or using the manual method. .
If the crypto wallet you mistakenly sent only supports Erc20 or Bep20 tokens, you will need to import the private key from your wallet into a new wallet that supports both blockchains.
Sending funds to a blockchain other than those supported by Binance, or sending funds to another cryptocurrency exchange or custodial wallet when mistaken, is more difficult to resolve. In this case, you should contact the customer service of the wallet you are transferring to for assistance.
See more:Difference between Bep2, Bep20, Erc20 and Trc20 wallets when trading on Binance