Coinbase’s asset recovery tool has expanded to the BNB Smart Chain and Polygon networks. A Coinbase official said the tool has helped users recover more than $160 million in funds to date.
Coinbase expands support to BNB Smart Chain and Polygon
Crypto exchange Coinbase first launched its asset recovery tool for Ethereum in December 2022. Now it has expanded to BNB Smart Chain and Polygon. The tool helps users recover unsupported tokens that were accidentally sent to their exchange addresses. The crypto exchange made the following statement regarding the issue on Tuesday:
To help make on-chain recovery easier, we have upgraded our ERC-20 self-service asset recovery tool to support asset recovery not only on Ethereum, but also on BNB Smart Chain and Polygon. This expansion will support the recovery of approximately 3,000 tokens that are not supported on the BNB Smart Chain.
What does this move mean for its customers?
Meanwhile, cryptokoin.comAs you follow from, Coinbase does not currently support BNB Smart Chain. However, some customers may accidentally send unsupported tokens on the Blockchain to their exchange addresses. That’s why he loses his funds. With its recovery tool, Coinbase helps recover these tokens directly from the incoming addresses to the exchange wallet or any other self-custody wallet.
Coinbase, which already supports Polygon Blockchain, has expanded its asset recovery tool to allow customers to recover unsupported Polygon assets, said Vignesh Muralidharan, product manager at Coinbase. He stated that the Exchange introduced Polygon support in December 2023. However, he noted that its announcement coincided with the new addition of BNB Smart Chain integration.
How much does Coinbase charge for its asset recovery tool?
Coinbase built its asset recovery tool in-house using proprietary technology. The exchange charges a 5% fee for recovery of assets over $100. Additionally, there is a separate network fee for all recoveries. Customers need to provide two details to recover their funds. These are: the transaction ID of the transaction in which the asset was lost, and the exchange address from which the asset was lost.
Muralidharan said the tool has helped more than 10,000 users recover more than $160 million in funds since its launch in December 2022. The recovery tool is not currently available for Coinbase Prime or institutional customers.
Binance does not provide recovery services!
Binance, the rival of Coinbase, the largest crypto exchange, does not provide token recovery services. However, if a customer has suffered a “significant loss” due to incorrectly depositing unlisted tokens, Binance may assist them in recovering those tokens at its sole discretion. Therefore, it does not guarantee recovery according to the information on the website. In this context, Muralidharan shares the following assessment:
Although these transactions accounted for a small portion of total transfers, these errors understandably left customers frustrated. Our goal with this tool is to ease on-chain recovery to alleviate some of these frustrations and improve the customer experience.
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