Users upset that Binance's wrong crypto network retrieval fees have soared to 500 BUSD
On Oct. 18, the product team at cryptocurrency exchange Binance held an ask-me-anything session with users on Reddit. Of particular interest was a discussion that arose regarding retrieval fees for crypto sent on different networks than the recipient's wallet address on Binance. According to user Maxx3141, who brought up the issue:
Another user, Superb_Dragonfruit63, also raised the issue of having to pay 500 BUSD for crypto retrievals on unmatched transactions, to which the Binance staff responded:
Unlike noncustodial wallets, wallets on centralized exchanges require matching the deposit network addresses of the sender and the recipient. Thus, accidents such as sending unlisted tokens or coins on different networks that are otherwise compatible (i.e., sending Bep-20 BNB to an ERC-20 ETH address) result in the funds failing to appear on the exchange's user interface. Instead, exchange staff must manually access their wallet address to recover the funds.
A few months prior, Binance charged 0.001 BTC (around $40 at the time) to recover users' funds that had been sent erroneously. However, not everyone felt sympathy for the users voicing their displeasure at the fee increase. One individual, gamma55, wrote a while back in a post on the same issue:
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