In order not to lose your crypto, it’s crucial to recognize which blockchain you use for transfers to or from CoinLoan, especially if we’re talking about the Binance networks (BEP-2, BEP-20) and the Ethereum one (ERC-20).

ERC-20 is a standard used to transfer tokens based on the Ethereum blockchain. So, you can’t successfully transfer them to any other blockchain, even to BSC with the same address format (detailed explanation below).

Both BEP-2 and BEP-20 are blockchains created by Binance.

BEP-2 is a token standard on Binance Chain, used to transfer tokens within this network. They have a unique address format starting from bnb.

BEP-20 is a token standard on Binance Smart Chain (BSC), used to transfer the BEP-20 tokens and tokens pegged from other blockchains. Initially, it was created as a copy of the Ethereum blockchain. That’s why it is often misled by a similar address format.

The BEP-2, BEP-20 and ERC-20 networks addresses look like these:

  • bnb13************************************* — BEP-2 address

  • 0x0e8************************************* — ERC-20 address

  • 0x2A5************************************* — BEP-20 address

Source: binance.com

Both ERC-20 and BEP-20 addresses start with 0x. That’s why they can be mistaken for each other. But it’s not possible to transfer assets between the networks because they are two separate blockchains. You can only use ERC-20 to transfer the ERC-20 tokens and BEP-20 to transfer the BEP-20 ones.

Source: binance.com

CoinLoan does not currently support the BEP-2 and BEP-20 blockchains. To deposit crypto from your other wallet to CoinLoan, make sure to select the ERC-20 blockchain for a transfer. To withdraw crypto from CoinLoan, double-check if you use the ERC-20 address to receive a transfer.

Here is the list of available assets which are affected:

  • Crypto: ETH, LINK, WBTC, UNI, MKR, AXS, COMP, SUSHI, and YFI;

  • Stablecoins: USDC, USDT, BUSD, TUSD, DAI, PAX (USDP), and PAXG.

Note! Using the BEP-20 address instead of the ERC-20 one while depositing or withdrawing the mentioned coins, you will permanently lose your funds. If you have already made a transfer, please immediately contact our support team at support@coinloan.io.

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