Coinbase, the largest cryptocurrency exchange in the US, announced in a statement that Coinbase’s asset recovery tool has been expanded to include BNB Smart Chain and Polygon Networks (MATIC).
Coinbase’s Asset Recovery Tool allows users to recover unsupported tokens accidentally sent to their Coinbase address.
Coinbase included the following statements in its statement:
“We are aware that at some point some Coinbase customers may accidentally send unsupported tokens to unsupported Coinbase addresses on-chain.
An example of this is BNB Smart Chain (formerly known as Binance Smart Chain), which is currently not supported by Coinbase and therefore these transactions result in monetary losses. In the past, these assets were irrecoverable.
But now we’re expanding the scope of our support and to facilitate on-chain recovery, we’ve expanded our ERC-20 self-service asset recovery tool to enable asset recovery not only on Ethereum but also on BNB Smart Chain and Polygon to support.
This expansion will support the recovery of nearly 3,000 unsupported ERC-20 tokens on BNB Smart Chain and 800 tokens sent via Polygon.
Users can send recovered tokens to Coinbase Wallet or a compatible self-storage wallet.”
Coinbase recently stated that the BNB Smart Chain and Polygon support features will be available in the coming weeks.
Our asset recovery tool just got an update.
Starting today, users can now recover funds accidentally sent to Coinbase on BNB Smart Chain and Polygon. https://t.co/asRGSQryCB
— Coinbase 🛡️ (@coinbase) February 27, 2024
*This is not investment advice.