Wrong chain recoveries

Introduction

If you've been depositing or withdrawing funds via Finrax you may have noticed that some coins have different networks available. It's easy to confuse Ethereum (ERC20) with Binance Smart Chain (BEP20) or Polygon (MATIC) as they are all EVM compatible. In short, they share the same wallet address format.

Deposit recoveries

Case 1 - Funds transferred on unexpected, but supported network:

This applies when one has selected Ethereum (ERC20) token but has transferred tokens over Binance Smart Chain (BEP20) or vice versa. Please contact customer support via [e-mail] or through your dedicated communication channel with the respective Transaction Hash.

The recovery will take place and funds will be credited against your Payment request within the next 2 business days.

Case 2 - Funds transferred on Unsupported network:

This applies to networks that are not natively supported by Finrax. If such a transaction has occurred against an ERC20/BEP20 wallet address, please make sure to contact us at [e-mail] or via your dedicated communication channel with the respective Transaction hash and a link to a blockchain explorer.

We'll take the necessary actions to recover the funds, however, we can't guarantee that such recoveries will be successful. The process can take up to 5 business days.

Withdrawal recoveries

If you have withdrawn funds to the wrong blockchain, it's essential to figure out the wallet type you sent them to. Does the recipient have access to the private key (non-custodial) or the private key is held by the exchange/wallet provider (custodial)?

In the case of a non-custodial wallet, the recipient should be able to retrieve the funds. They might either import the private key to a wallet that supports the network used or depending on the wallet capabilities they might see the funds available in the balance automatically.

If the recipient doesn't hold/own the private key, they'll have to reach out to the exchange/wallet provider for further instructions. In some cases, it may not be possible to recover the funds depending on the exchange/wallet procedures/policies or simply wallet infrastructure barriers.