Obscure Problems Crypto Users Can Face, Explained


Policies will vary depending on the exchange you’re using.

While you might face exorbitant “cross-chain recovery fees” on some platforms, others will be unable to assist you in the quest to recover the tokens transferred. Let’s take a look at the policies of the two largest exchanges to give you a flavor of what to expect:

Binance, by far the biggest crypto exchange by trade volume, has bad news for those who have made an honest mistake. The platform warns that, in such a scenario, it “does not know who controls those addresses and has no means of recovering those coins.” Its best advice — if you know who owns the address — is to get in touch with them and start negotiating a refund. What they won’t tell you is that success rates can be extremely patchy.

Over at OKEx, they take a different approach — but with the caveat that their constant reminders should encourage users to check, double-check and triple-check whether they are sending coins to the correct address. That said, if a mistake still happens, the exchange says: “We promise to help recover the funds. […] even if many other exchanges found it impossible.”

Because of the wild variations in policies, remember these two simple tips. First, copy and paste wallet addresses instead of typing them out manually. As they are long and complicated, there is a high risk of typos. Second, always double-check to ensure the characters match up before you hit the Send button.

This post was originally published on www.cointelegraph.com