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New Binance Feature to Help in Avoiding Transaction Mistakes

14 September 2020 16:19, UTC
New Binance Feature to Help in Avoiding Transaction Mistakes
By Anna Martynova

Binance crypto exchange has launched a new feature that will help prevent people from losing their funds by sending crypto assets to smart contract addresses. The new feature is the final check of the outgoing address for the withdrawal of user tokens.

If the user entered the contract address of a supported token for sending tokens, instead of the intended address of a personal or exchange wallet, then he will receive an error message. The addresses affected by this new change are the token smart contract addresses supported by Binance.

A number of users have already sent tokens to smart contract addresses of tokens instead of their own addresses. Earlier this week, the CEO of Binance said that the exchange has refunded money to people who inadvertently sent BNB to the smart contract address. Recently, the crypto community was actively discussing the $1 mln sent by mistake to the address of the smart contract.

Image courtesy of Crypto Globe



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