If you've got a Binance account, you may want to read through this post as it applies to you.
Lately, I've been seeing more posts on Reddit about how people have withdrawn their crypto off of Binance using a different chain and consequently losing their funds. I've seen quite a number of posts that are similar to this ever since Binance released their smart chain (BSC). That's why I'm writing this post up as another public service announcement. There are just so many ways to lose your crypto that I don't think the PSA posts will ever stop.
As Binance's smart chain uses Ethereum addresses, an Ethereum and a Binance smart chain address are identical. As this is the case, Binance will just send your coins on whichever chain that you select at the time of withdrawing your funds.
Having said that, at the time that you withdraw your crypto from Binance, make sure that you select the correct address type. When withdrawing from Binance, they will give you 3 options: BEP2, BEP20, and the coin's native chain. When in doubt, select the coin's native.
Unless you know what you're doing, you probably won't be needing to withdraw the coins in BEP2, or BEP20 unless their chain is Binance's Smart Chain. Some coins that use BSC are BNB, BUSD, and CAKE.
For BNB, and BUSD (there may be others as well), there's a difference between BEP2 and BEP20. They're not cross compatible so if you're sending BNB (BEP2) to a BNB (BEP20) wallet address, your funds will get lost. So this is just a caution that you should be careful when withdrawing from Binance as it would be unfortunate to lose your crypto through a simple mistake as such.
Here's a quick two minute video demonstrating exactly what I mean.
If this post prevents at least one person from losing his or her funds, then I'll consider this post a success. If you don't already have a Binance account and are considering signing up with them, below is a link to save 10% off your trade fees on Binance.
SAVE 10% ON YOUR TRADING FEES ON BINANCE
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