A warning about depositing from Binance

In the last months, we have seen a disturbing trend of users wanting to depositing ETH (or ETC) to their accounts and unknowingly sending a Binance Chain (BNB/BSC) pegged token instead when depositing directly from Binance. 

When Binance started their blockchain, they chose to use the same 0x address standard as Ethereum, setting up these costly mistakes. Sadly, Binance does very little to educate their users about the possibility of confusion and even promotes their own tokens by displaying them as both faster and cheaper in the withdrawal window. Lured in by this, many users select one of these options without realizing the consequences. Since we do not operate on the Binance blockchain and can only credit the Ethereum version of ETH sent to a player's deposit address, in almost all cases, these users lose their funds without any way to recovery. This is the case for both users on our site, as well as users of many other sites operating on the Ethereum blockchain. We urge Binance to improve their interface and help protect their users from losing funds, as they themselves are not willing or able to help in these cases either. 

In the meantime, we want to speak out a clear warning: Be careful when depositing to any service directly from Binance, especially when depositing ETH, ETC, or any other 0x prefix coin/token. Ideally, you send any deposit you make through one of your own addresses first and avoid sending directly from one service to another. If this is not possible for you, make sure you select the right network for your withdrawal from Binance, at the time of writing, this is called “ETH / Ethereum (ERC20)“ for ETH and “ETC“ for ETC. Selecting any other network, be it BSC or BNC when withdrawing from Binance will lead to a loss of funds.

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