Big disadvantage of Cex (Centralized Exchange), Be careful don't do such mistake

[Mahiyammahi]

Recently I've trade a P2P (Person To person) On binance Exchange. Not in binance trade p2p section. It was from my real life friend who just sent me some usdt on polygon chain. But binance doesn't support polygon chain Usdt. Although it was my friend's fault that I've tell him to sent Usdc instead of this he sent USDT.
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So I've talk to Binance support team everything was ok , even I'm KYC verified users. So which address is given for me it belongs to me I can do whatever I want. This is the main problem on Cex. Their team do know that this transaction was successful and it's address belongs to me but when I asked for refund that if it's not possible to deposit then why not refund it to my address.
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But they said it's not possible. It's first time frustrating for me in Cex. I was hopping that it was a mistake but if I contact with team they will resolve it and it's not big issue to resolve while they know that it belongs to me.

Here's I'm providing screenshot of Binance Team Reply



I've seen that whenever binance team wants they just withdraw some assets from our deposits address( which is belongs to my wallet)cause it's necessary to do. We don't hold fiat or crypto for eternity so they made balance it by transferring another user's wallet.

I was very optimistic that Top exchanger like binance will resolve my this problem but it was very disappointed. Although there's some mistake also mine.

First time I ever realize that my assets , my capital isn't safe. It's in some one's hand.

I've post this for not only share my thoughts also warning for newbies who's thinking to start trade on Exchanger

[noorman0]

This has been warned many times and is a common fallacy. Honestly, I don't like letting someone new to crypto without direct guidance from someone more experienced. In this case, you still have a small chance of recovering your funds until the binance deposit supports the polygon network although I don't think that will happen anytime soon.

[jrrsparkles]

"Not your keys Not your address", so you are not owning the address first of all, its just has been given to you but no exchange will give keys to your address. And exchange has nothing to do with this, so you should warn the newbies to never commit any such mistakes again instead of blaming the exchange.

[mk4]

But they said it's not possible. It's first time frustrating for me in Cex. I was hopping that it was a mistake but if I contact with team they will resolve it and it's not big issue to resolve while they know that it belongs to me.

It just sounds so simple in theory — just connect the wallet to Polygon chain and retrieve the funds. This would've been the case if it was just a person handling the wallets; but in the case of exchanges, their software pretty much controls almost everything. The problem with the retrieval is a technical back-end problem(could potentially be a security problem as well) hence why they say it's "not possible".

I'm guessing they would actually retrieve the funds if the amount is worth their time and effort; probably 6-7 USD figures.

[BitMaxz]

I don' actually understand you mean that your friend sent USDT from CEX(Polygon matic) to your Binance account(USDT wallet)?


It's not safe if you hold any coins or tokens to any exchange out there because without seed phrases or private keys you don't own those coins/tokens.
That is why people always said "Not your keys, Not your coins" So I don't know if you can get a refund for your friend's mistake.

CEX already has bad reports here on the forum here you can check them below

- https://bitcointalk.org/index.php?topic=2797855.0
- https://bitcointalk.org/index.php?topic=5333720.0
- https://bitcointalk.org/index.php?topic=2174542.0

Is that the Binance story was resolved? I can't just understand if it was sent from CEX to Binance?

I know there are many people do experienced mistakes in transferring or sending coins to the wrong network but they should refund minus the fee back to where it came from.

[Beparanf]

I don' actually understand you mean that your friend sent USDT from CEX(Polygon matic) to your Binance account(USDT wallet)?

I think he means that he use the Binance Tether wallet address to received the USDT(Polygon) from his friend in exchange for whatever token they are trading person to person. He is blaming Binance for not refunding the USDT(Polygon) that his friend sent on Binance even though its still not supported by the exchange.

@OP, This is your fault and don't blame this mistake on CEX.

[Mahiyammahi]

I don' actually understand you mean that your friend sent USDT from CEX(Polygon matic) to your Binance account(USDT wallet)?

Well my friend sent asset's from his wallet.

Is that the Binance story was resolved? I can't just understand if it was sent from CEX to Binance?

No it's not resolved. I just meant Cex = Centralized exchanger system ,not Cex exchange.

I know there are many people do experienced mistakes in transferring or sending coins to the wrong network but they should refund minus the fee back to where it came from.

But this not happen

[Mahiyammahi]

@OP, This is your fault and don't blame this mistake on CEX.

I'm not blaming at all I was expecting that binance could resolve my problem . I agreed that there was my mistake also

[palle11]

@OP, This is your fault and don't blame this mistake on CEX.

I'm not blaming at all I was expecting that binance could resolve my problem . I agreed that there was my mistake also

If you have done necessary complaint then you can be a little more patient to resolve the issue. The service center is probably going to attend to you on the complaint. Cex like binance is having active response team to look into the issue. Newbies should be careful as you suggested as well.

[Oceat]

Sadly, it's your friend's mistake and Binance won't fix it since it's probably a different address that's unsupported with their platform. I don't know if it's your friend's mistake or you since you are the one should be giving the right instructions on how to send the coins. Maybe your friend is just a newbie but you trusted him so much and that's why both of you suffer from losses.

I do trust Binance though when it's their fault since they could fix it easily but if it's your own fault maybe the exchange would reconsider your request if it's a big funds. So always careful on sending coins next time, better double check everything before sending. This should just serve you as a lesson.

[BitMaxz]

Is that the Binance story was resolved? I can't just understand if it was sent from CEX to Binance?

No it's not resolved. I just meant Cex = Centralized exchanger system ,not Cex exchange.

Don't use CEX in your topic it would be better to replace it with centralized to make sure it's clear that CEX is not involved in your topic.

Anyway, about your issue with Binance, they promise you will get refunded if they added Polygon Matic to their network list.
I tried to search and found this How to Recover Crypto Transferred to the Wrong Network on Binance. The procedure is between the BSC network and ERC20 but I think you can try to add Polygon Matic on Metamask follow the guide from this link below.

- https://docs.polygon.technology/docs/develop/metamask/config-polygon-on-metamask/

Then follow the recovery procedure from Binance. Let's hope that it will work if not then wait for Binance to support it.

[el kaka22]

When you make a mistake and then blame the exchange for it, people will never really find the problem with the exchange. Could they found a way to help you? Of course they could, I mean it would take some time and it would take out resources for them (such as manhours) but they could do it. The real question is, are they forced to or should they do it legally? They do not for both, we do not care for it when it is someone else and you wouldn't neither if it was me who lost it this way.

Your friend sent money to a wrong place and that is why he lost his money, as long as it was him that did the mistake and it was him that caused this money to be gone then all of the blame lays on your friend and Binance has absolutely nothing to be blamed for. When you write a topic like this, it sounds like you want to say there is a big disadvantage involved, but it is just a mistake, "do not make such mistake" would have been enough tbf.

[crzy]

@OP, This is your fault and don't blame this mistake on CEX.

I'm not blaming at all I was expecting that binance could resolve my problem . I agreed that there was my mistake also

They gave their reason because even if they are CEX, some things are still beyond of their control and this is why there’s a warning every time you deposit or withdraw to double check the network you are using because its irreversible. This might be possible to recover but it will take a lot of time and effort, Binance might not want to tolerate this kind of mistake though.

[24Kt]

When you make a mistake and then blame the exchange for it, people will never really find the problem with the exchange. Could they found a way to help you? Of course they could, I mean it would take some time and it would take out resources for them (such as manhours) but they could do it. The real question is, are they forced to or should they do it legally? They do not for both, we do not care for it when it is someone else and you wouldn't neither if it was me who lost it this way.

Your friend sent money to a wrong place and that is why he lost his money, as long as it was him that did the mistake and it was him that caused this money to be gone then all of the blame lays on your friend and Binance has absolutely nothing to be blamed for. When you write a topic like this, it sounds like you want to say there is a big disadvantage involved, but it is just a mistake, "do not make such mistake" would have been enough tbf.

I thought at first reading the title thread, it was the exchange's fault but after reading the OP's case, it is not. Clearly, it is his friend's fault and what binance is offering, if in case they will work on this, is like a probono as they are not supporting yet the network of matic for USDT. So it really takes time from the exchange's part to do this step as they need to integrate that network for that stablecoin. So you need to wait for this to happen, and I believe it will happen as MATIC network is gaining popularity, but when? No one can answer.
So yes, every time you send a coin, check the networks supported before sending it to another address. Not only once, twice, because most of crypto transactions are not reversible.

[LastKiss]

Well if you losses your money because you choose the wrong transaction network then I wont blame Binance and not wonder if they can't refund your money, because everytime I use any other Centralized exchange(CEX) they always wrote down some warning to use the same network to prevent balance/money losses and if the network currently doesn't support the transaction, they will shut it down for a while for maintenance. You can't do anything to regain your losses, just take some learning about this case and don't repeat the same mistake.

[GreatArkansas]

There are already lof cases like this, there is also some exchange(s) that offer to recover your funds that sent to a different chain, I once heard it from FTX Exchange, they offer recovery to lost funds (which is likely sent to another chain or wrong address) but they offer such fee also, it depends.

Overall, this should be really the fault of users, but yeah if centralized want to have a reputation, they will do such like this thing to have a good customer experience.

Read here: Wrong Address or Chain