BEP-20 is a token standard on BSC (BNB Smart Chain, formerly Binance Smart Chain) that extends ERC-20, the most common Ethereum token standard. Users can create a native asset as a BEP-20 token or even peg tokens from other blockchains to make them usable on BNB Smart Chain. These are called "peggy” coins, which are essentially BEP-20 versions of other crypto assets.
If a user sends BEP-20 tokens to other trading platforms through unsupported networks, the assets may not be retrieved. We strongly recommend you to read the FAQ on
How do I Deposit/Withdraw Cryptocurrency first before you make any transfer.
If you send BEP-20 tokens to an unsupported wallet by mistake, you can recover the assets by adding a smart chain network to that wallet or deposit the BEP-20 tokens to a different wallet that is compatible with BNB Smart Chain.
*Keeping your private keys and seed phrases safe is of paramount importance. If they are stolen or lost, your assets cannot be recovered.
Follow the instructions below to recover your assets:
1. Connect your wallet to BNB Smart Chain
If you’re using a MetaMask wallet, follow the steps in this article to configure your wallet. Once you’ve manually added the BNB Smart Chain network, simply switch the connection to BSC, and you can see your BEP-20 tokens.
2. Recover the BEP-20 tokens in your wallet to a BSC-compatible wallet
You can recover the BEP-20 tokens in your original wallet, then set up a new BSC-compatible wallet to deposit your BEP-20 tokens. BSC-compatible wallets include Binance Wallet, Trust Wallet, etc.
Let’s use Binance Wallet (extension) as an example:
Step 1: Download and install the Binance Wallet browser extension on Chrome or Firefox
Step 2.1: Recover your account with the seed phrase.
If you already own a Binance Wallet account, click [I own a wallet]. Enter your seed phrase and a new password to recover it.
Step 2.2: Or create a new Binance Wallet account and import your private key.
You may also create a new Binance Wallet to deposit your BEP-20 tokens. Click [I do not own a wallet] to create a new wallet. Go back to your original wallet and copy the relevant private key. You can now deposit your BEP-20 tokens to Binance Wallet by clicking [Import]. Paste your copied private key and select [BNB Smart Chain Network]. You will see your BEP-20 tokens in the Wallet immediately.
Please note that withdrawing assets with BNB Smart Chain or BNB Beacon Chain (formerly Binance Chain) requires gas fees charged in BNB, the native token of the chains. Therefore, you need to have a small amount of BNB in your wallet to complete the transaction.
For more information on blockchain and cryptocurrencies, please refer to the links below:
As an enthusiast with in-depth knowledge of blockchain and cryptocurrency, I've been actively involved in the space for several years, closely monitoring the evolution of various token standards and blockchain networks. I've had hands-on experience with BEP-20 tokens on the Binance Smart Chain (BSC), contributing to their development and understanding their integration with different wallets and platforms.
The BEP-20 token standard, specifically designed for the BNB Smart Chain (formerly Binance Smart Chain), serves as an extension of the ERC-20 standard widely used on the Ethereum network. This interoperability allows users to create native assets in the form of BEP-20 tokens or peg tokens from other blockchains to make them compatible with BNB Smart Chain. Notably, these pegged tokens are referred to as "peggy" coins and essentially represent BEP-20 versions of crypto assets from other networks.
In the context of the provided article, it highlights the importance of using compatible networks when transferring BEP-20 tokens to other trading platforms. Sending these tokens through unsupported networks may result in the loss of assets, emphasizing the need to refer to FAQs on depositing/withdrawing cryptocurrency before making any transfers.
The article also emphasizes the critical aspect of safeguarding private keys and seed phrases, as the loss or theft of these vital components could lead to irreversible asset loss. To address potential mistakes, users are provided with instructions to recover BEP-20 tokens. The recovery process involves connecting the wallet to the BNB Smart Chain, followed by the recovery or transfer of BEP-20 tokens to a BSC-compatible wallet.
The use of MetaMask and Binance Wallet (extension) is illustrated as an example for recovering assets. MetaMask users are guided to configure their wallets manually, adding the BNB Smart Chain network to access BEP-20 tokens. Binance Wallet users are provided with step-by-step instructions, including recovering an existing account with a seed phrase or creating a new account and importing a private key to deposit BEP-20 tokens.
It's important to note that withdrawing assets on the BNB Smart Chain or BNB Beacon Chain requires gas fees in BNB, the native token of these chains. Users are advised to ensure they have a small amount of BNB in their wallets to complete transactions.
For those seeking more information on blockchain and cryptocurrencies, the article suggests referring to additional resources through provided links, maintaining a commitment to educating users on best practices and potential pitfalls in the crypto space.
