Binance Asset Retrieval Enhanced, Users Only Cost 5 USDT To Recover

Key Points:

• Binance asset retrieval fees are cut from 500 USDT to 5 USDT for unsupported tokens, improving the user experience.
• The exchange retrieves $4.4 billion in digital assets for users facing deposit issues, addressing over 380,000 cases.
• Amid regulatory hurdles, Binance executives are detained in Nigeria, while founder Changpeng Zhao pleads guilty to money laundering.

Binance, the world’s largest cryptocurrency exchange, has introduced a significant update by integrating a plethora of “smart retrieval” coins.

Binance Asset Retrieval Fees Was Slashed for Unsupported Tokens

This feature aims to alleviate user inconvenience by drastically reducing Binance asset retrieval fees to just 5 USDT when depositing unsupported tokens, a significant decrease from the previous fee of 500 USDT for cross-address deposits.

According to recent disclosures, the exchange has successfully retrieved digital assets valued at $4.4 billion for users who encountered deposit mismanagement over the past two years. Binance asset retrieval appears when users enter incorrect wallet addresses, deposit incompatible tokens, and encounter blockchain upgrade issues. In 2022 and 2023, Binance addressed 381,616 cases where users deposited cryptocurrency but didn’t receive proper credit.

Regulatory Turmoil Strikes Binance

Amid efforts to rebuild user trust, Binance is contending with regulatory challenges. Recently, Nigerian authorities detained two senior executives of the platform to curb currency speculation and stabilize the foreign exchange market.

This development occurred shortly after the executives traveled to Nigeria for negotiations with local officials amidst wider crackdowns on cryptocurrency platforms. Binance was also charged with tax evasion by the Nigerian authorities.

Additionally, Binance founder Changpeng Zhao previously admitted guilty to money laundering allegations, agreeing to pay a hefty $50 million fine.