Cryptocurrency trading is an integral part of the crypto market where assets are exchanged, withdrawn, or sent to various networks as the case may require. When these digital assets are exchanged, they are usually sent or received via a crypto wallet, where they are eventually stored or kept.
All crypto assets are marked by their respective standards, reflecting their network or perhaps their indigenous blockchain network. Each standard also reflects which blockchain they are compatible with and the types of wallets—custodial or non-custodial.
This is why it is essential to understand the token standard of the respective blockchain and which token standard can be sent to or received with a specific network and wallet.
Binance is a centralized crypto exchange platform where crypto enthusiasts and investors can trade cryptocurrencies. It provides a custodial wallet where users can store their digital currencies and allied tokens.
Since Binance is an exchange platform, most crypto investors and enthusiasts prefer storing their assets in non-custodial wallets and only use Binance to exchange or liquidate their assets.
Liquidating digital assets requires either sending or withdrawing processes which can go south if proper care is not taken. When sending or receiving crypto on Binance, it is essential to know the network you're sending from and the destination.
The notable crypto network or standards are BEP-20, ERC-20, TRC-20, and BEP-2. Users can easily mistake BEP-20 for BEP-2 and ERC-20 for TRC-20 and vice-versa.
How to Retrieve Crypto Sent to the Wrong Network
If you've wrongly sent ERC-20 tokens–ETH– via the Binance Smart Chain–BSC– or even sent BEP-20 tokens through the Ethereum network, don't panic. In either of the cases mentioned above, your assets can be retrieved.
- If you wrongly sent your tokens to a wallet compatible with Ethereum and BSC. You can transfer your tokens back to the correct network on Binance.
- If you wrongly sent your tokens to a non-custodial wallet that's only compatible with the Ethereum network or BSC. Your best option is to access your private key to import the wrongly sent assets to another wallet that supports both networks.
- If you wrongly sent your tokens to a crypto exchange or custodial wallet. Consult your exchange's customer service for possible retrieval.
What if you wrongly sent BEP-20 or ERC-20 tokens to the wrong Network
If you wrongly send an ERC-20 token to BSC or send a BEP-20 token to the Ethereum network, the token will reflect in the designated wallet address on the preferred network, but the standard of such token will change.
For instance, if you send ETH to BSC, it will end up as a BEP-20 token in your ETH wallet instead of the original ERC-20 token.
This possibility is possible because both Ethereum and BSC public keys are identical and can be accessed with the same private key. But if you want to confirm the transaction's approval, you'll have to check the destination network.
If you wrongly sent a BEP-20 token to Ethereum, you will have to confirm the transaction status on Etherscan, and if you mistakenly send an ERC-20 token to BSC, you'll have to confirm the transaction status on Bscscan.
In this case, your token is not lost. All you have to do is to send your token back to your preferred network.
Retrieving Tokens from A Wallet that Supports Ethereum and BSC
If a wallet supports both networks–Ethereum and BSC– finding and retrieving your tokens should be seamless. Search for the list of tokens for each network; if your token is not enabled, you can undo that and enable it.
Using MetaMask, for example, you'll have to click on the "import tokens" to search for your preferred token and add it.
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From the next interface, input your token name in the search field and select the token before clicking on the "Next" tab to add your token.
- But if you can't find your token, you'll have to import it manually by clicking on the "Custom Token."
- Next is to input the "Token Contract Address, Token Symbol, and Token Decimal" in the field provided, respectively. Then you click on the "Add Custom Token" tab.
You can use two options to transfer your tokens back to your preferred network. Either you use the Binance Bridge or the manual procedure.
What is Binance Bridge
The Binance Bridge is a portal or platform used for converting tokens from other networks to BSC-compatible tokens and vice-versa. It allows users and investors to transfer cross-chain tokens from one network to another seamlessly.
Manual Procedure
The manual process of transferring your tokens to your preferred network requires sending the wrongly sent tokens back to Binance. This requires that the network of the wallet you're depositing into on Binance must be the same as the network where your token is currently stored or held.
If you wrongly sent a BEP-20 token to the Ethereum network, you'll have to send the token back to Binance through the Ethereum network as an ERC-20 token. When your token is reflected in your Binance account, you can send it to your anticipated wallet and network.
Converting BEP-20 ETH into ERC-20 ETH
To do this, you'll need BNB for the gas fee because the transaction or conversion is taking place on BSC, and you'll recall that BNB is the native token of BSC.
- First, go to Binance spot wallet and click on ETH, then select "withdrawal" and click on "Send via Crypto Network." Select BEP-20 as the deposit network.
- Copy the public key or wallet address and input it in the required field from which you are sending the token.
- Once the ETH is reflected in your Binance wallet, you can convert it to ERC-20 by withdrawing or transferring it to a wallet compatible with the Ethereum network. To do this, select ERC-20 as your transfer or withdrawing network.
- After verifying, your token will reflect in your correct network.
Retrieving Token from a Wallet that only Supports Either Ethereum or BSC
To retrieve your tokens in this scenario, you will have to import your wallet's private key into a new wallet compatible with both networks–Ethereum and BSC. Depending on the hosting wallet, you might be able to use your mnemonic phrase instead of your private key.
Importing a Private Key into another Wallet
Before importing any private key, it is essential to note that this feature is only possible with non-custodial wallets because custodial wallets have no private key. When you import a non-custodial wallet's private key into another wallet of its kind, you'll have access to the tokens held in the former wallet via the latter wallet.
Importing a wallet's private key to another doesn't mean you send the tokens held in the former wallet to the latter. The latter wallet is just like an extension of the former wallet by making the former wallet to be accessible via the latter wallet.
The notable wallets used for this procedure include MetaMask, Math wallet, SafePal, TokenPocket, and Trust Wallet.
Using the MetaMask Chrome Extension to Retrieve ETH Wrongly Sent to a BSC
- First, access your MetaMask wallet by clicking the MetaMask extension icon and sign in with your password if requested.
- Click on the circled icon at the top right corner to access your account details and select "Import Account."
- As shown below, you can use your private key or JSON File to import your account.
- Then you'll need to manually add the BSC network to your wallet by clicking on the network dropdown menu and then clicking on the "Add Network bar."
- Then you fill the following interface that pops up with the following information in respective fields and click on "save."
Network Name: BSC Mainnet
New RPC URL: <https://bsc-dataseed1.binance.org/ ](https://bsc-dataseed1.binance.org/)
Chain ID: 56https://bscscan.com/
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Next is to add the correct token contract to your wallet, enabling your preferred BEP-20 compatible wallet to scan for your lost token.
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The list of tokens as well as their contracts can be gotten from BSCscan. For the ERC-20 ETH wrongly sent to BSC, click on the "Binance-Peg Ethereum Token (ETH)" to find the token's contract address.
- Copy the contract address and note the Decimals' correspondent.
- Next, go back to your MetaMask BSC homepage and click on "Import tokens."
Input the following information in the required field: Token Contract Address: 0x2170ed0880ac9a755fd29b2688956bd959f933f8 Token Symbol: ETH Decimals of Precision: 18
- Then click on the "Add Custom Token" bar and the "Import Tokens" bar on the next page, as shown above.
- Your ETH tokens should now reflect in your wallet. You can now send it back to your BEP-20 wallet on Binance.
Conclusion
When transferring or withdrawing your digital assets on Binance, selecting the right network might be crafty until you understand it. Once you've understood how it's done correctly, you won't be sending your digital assets to the wrong network anymore.
If you do, remember that you can retrieve your token via the Binance Bridge or the Manual procedure.