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Why is Binance fooling people with their BEP-20

Hello everyone,

I am a person who bought some crypto’s while ago and never paid much attention to it till yesterday. I thought I could exchange my coins to USDC and send it to Coinbase to use the money for buying stuff online and so on.

I tried to be as careful with my transactions as I could be and I even watched some YouTube videos of people transferring cryptos from Binance to Coinbase , but of course because I am not so deep into understanding everything about exchanges, wallets and so on. I feel like I was set up to fail ( and later I read online that even some people who have way more knowledge than me made the same mistake ).

So I started my USDC transfer from Binance to Coinbase website wallet and when it came to choosing Network all I thought was that these are sort of the coin carriers like DHL,FEDEX,UPS etc… and by choosing one of them they make a difference in delivery fees (Which is what actually happens when you place orders online), and because I am on Binance I thought that if I use their network which was BEP-20 they would be the cheapest option to go for.

You get some warnings to make sure that the wallet address is right bla bla but you still fall for it. I press transfer and ofcouse no coins received on my Coinbase website wallet, then I keep search online for why is that happening to realise that Binance made their own network, and that Coinbase don’t accept transfers on this network.

Now me and 100’s others that you see online are stuck where we can’t get support from either Binance or Coinbase because they point fingers at each others.

My main question is, why is Binance fooling people by giving me the option to choose a network that ONLY supports them? why the warning before the transfer were vague and not clear that, ALL the other exchanges will not accept it?

Now all these transfers that says (Completed) are just stuck where Binance is the main reason for such a problem to happen in the first place.

I understand that a lot of people here might not agree with me and argue back that I should have read more or studied more and I totally get it, but don’t you all agree that its ridiculous to lose hundreds or thousands of dollars by a mistake or by a wrong click? Thats why cryptos have such a horrible reputation outside the crypto community. because I am sure that if I made the same mistake using Credit or Debit card I could have fixed all of it within a day or two.

Anyway, sorry for the long rant and hope you all have a great day.

What do you think?

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3 Comments

  1. I know what you mean, but you are just transferring to a wallet address. AFAIK Binance don’t know what networks a wallet supports. To be honest would you expect Coinbase to support BSC or the Binance’s own coin BNB – well no, they are big competitors. Are there any big exchanges that support BSC?

  2. I agree with AussieAK. If you’re not sure, ask questions BEFORE you hit send. If you are in a situation where you can’t ask, don’t send everything. Send the minimum to make sure it goes through, then send the rest. Better to pay 2x transaction fees than lose everything.

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