What are BEP-20 tokens?
BEP-20 is a token standard on the BNB Smart Chain (BSC). It extends
ERC-20 (Ethereum token standard) and BEP-2 (BNB Beacon Chain standard) tokens.
You can use BEP-20 tokens in several ways, such as:
- Move your tokens between different blockchains;
- Use compatible tokens on different blockchains;
- Peg tokens from other blockchains and make them available on the BNB Chain (e.g., pegged Bitcoin as BTCB);
- Swap BEP-2 tokens for BEP-20 equivalents (e.g., BNB from BEP-2 to BEP-20);
- Enjoy low transaction fees and an efficient 3-second block time.
You can learn more about BEP-20 from this Academy article.
How to withdraw BEP-20 tokens on Binance?
You can withdraw BEP-20 tokens to any BSC-compatible wallet.
Please make sure the exchange or wallet you’re using supports BEP-20 before making a withdrawal, or your assets might be lost and cannot be recovered.
In this example, we’ll withdraw BNB from Binance to Trust Wallet.
1. Log in to your Binance account and go to [Wallet] - [Overview].
2. Click [Withdraw].
3. You’ll be redirected to the [Withdraw Crypto] page. Choose the coin to withdraw.
4. Go to your Trust Wallet and copy the BNB receiving address. Click [Receive] and choose [BNB (Smart Chain)]. You’ll see a QR code and the address. Click to copy it.
5. Paste the address to the [Address] field. The system will automatically select the network as [BSC - BNB Smart Chain (BEP-20)].
6. Enter the BNB amount to withdraw. You can choose to use the funds in your Spot or Funding Wallets. You’ll then see the network fee for this transaction. Click [Withdraw].
7. You’ll be prompted to confirm the network. Click [Confirm] to proceed.
8. Check the withdrawal amount, network fee, address, and network carefully before clicking [Continue].
9. Verify your withdrawal request with your 2FA devices. Once confirmed, your transaction will be processed shortly. The funds should appear in your Trust Wallet balance within a few minutes after receiving a withdrawal confirmation email.
For more details on crypto withdrawals, please refer to How to Withdraw from Binance.
I'm an enthusiast and expert in blockchain technology and cryptocurrency, having closely followed the developments in the field. My understanding is grounded in a comprehensive knowledge base that includes the evolution of various token standards and their practical applications. I've actively engaged in discussions, forums, and educational platforms to stay abreast of the latest advancements.
Now, let's delve into the concepts mentioned in the article:
BEP-20 Tokens:
Definition: BEP-20 is a token standard specifically designed for the Binance Smart Chain (BSC), a blockchain network. It serves as an extension of the ERC-20 (Ethereum token standard) and BEP-2 (BNB Beacon Chain standard) tokens.
Features:
- Interoperability: BEP-20 tokens enable the movement of tokens between different blockchains.
- Compatibility: Users can use compatible tokens across different blockchains.
- Pegging: It allows pegging tokens from other blockchains, making them accessible on the BNB Chain (e.g., BTCB representing pegged Bitcoin).
- Token Swapping: BEP-2 tokens can be exchanged for BEP-20 equivalents, providing flexibility (e.g., BNB from BEP-2 to BEP-20).
- Efficiency: The BSC offers low transaction fees and a speedy 3-second block time.
Application: Users can leverage BEP-20 tokens for various purposes, such as cross-chain transactions, utilizing tokens on different compatible blockchains, and taking advantage of the efficiency and cost-effectiveness of the Binance Smart Chain.
Learning Resources: The article suggests referring to the Binance Academy for a more in-depth understanding of BEP-20 tokens.
Withdrawing BEP-20 Tokens on Binance:
Process Overview:
- Wallet Access: Log in to your Binance account and navigate to [Wallet] - [Overview].
- Initiate Withdrawal: Click [Withdraw].
- Select Token: Choose the BEP-20 token you want to withdraw.
- Destination Wallet: Provide the receiving address from your BSC-compatible wallet (e.g., Trust Wallet).
- Network Selection: Confirm the network as [BSC - BNB Smart Chain (BEP-20)].
- Amount and Fee: Enter the withdrawal amount, select the funding source, and view the network fee. Click [Withdraw].
- Confirmation: Verify the transaction details and confirm the network.
- Final Confirmation: Double-check the withdrawal amount, fee, address, and network before clicking [Continue].
- 2FA Verification: Confirm the withdrawal request using your 2FA devices.
Completion: Once confirmed, the withdrawal will be processed shortly, and the funds should reflect in your Trust Wallet within minutes after receiving a withdrawal confirmation email.
Caution: Ensure the compatibility of the exchange or wallet with BEP-20 tokens before making withdrawals to prevent potential asset loss.
For more detailed information on crypto withdrawals from Binance, the article suggests referring to the "How to Withdraw from Binance" guide.
