In order not to lose your crypto, it’s crucial to recognize which blockchain you use for outbound and inbound transfers, especially if we’re talking about the Binance ones (BNB Beacon Chain and BNB Smart Chain) compared to Ethereum.
ERC-20 is a token standard used to transfer assets via the Ethereum blockchain and some networks compatible with it or based on this blockchain. Find more info here.
BNB Chain comprises two blockchains: BNB Beacon Chain (BEP-2 token standard) and BNB Smart Chain (BEP-20 token standard). Find more info here.
Blockchains supported by CoinLoan
CoinLoan supports the Ethereum blockchain and BNB Smart Chain (BSC).
You can use the Ethereum blockchain for transferring ETH and ERC-20 tokens (including CLT and stablecoins) and BNB Smart Chain for transferring BNB, USDC, BUSD, and USDT. Check our article on BNB Chain for more details.
For certain assets, you can choose between the BSC and Ethereum blockchains for a transfer. Please refer to our article about the network selection feature.
Note: BNB Beacon Chain is unavailable on our platform.
The mentioned above address formats look like these:
bnb…f23 — BNB Beacon Chain address for BEP-2 tokens (unavailable on CoinLoan)
0x0…e82 — Ethereum address for ETH and ERC-20 tokens
0x2…fB0 — BSC address for BNB (BEP-20 standard)
BEP-2 tokens have a unique address format starting from bnb. BEP-20 token standard was created very similar to the Ethereum blockchain: both Ethereum and BSC addresses start with 0x. That’s why they can be mistaken for each other.
Ethereum address format — Web platform
BSC address format — Web platform
Can I send funds from the BSC blockchain to the Ethereum one or vice versa?
No. It’s impossible to transfer assets between BSC and Ethereum even if the address format is the same because Ethereum and BNB Smart Chain are two separate blockchains. You can only use the Ethereum blockchain to transfer ETH and the ERC-20 tokens and the BSC to transfer BNB and certain stablecoins (USDT, BUSD, and USDC).
Note: Using the address from BSC instead of Ethereum while depositing or withdrawing the mentioned coins, you will permanently lose your funds. Please make sure you use the correct address source to deposit or withdraw the assets listed above. If you have already made a transfer, immediately contact our support team at firstname.lastname@example.org.
BSC network: Withdrawals are free.
Ethereum blockchain: Every user has one free withdrawal per month. Every subsequent withdrawal entails a fee in the withdrawal currency, depending on the asset.