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