Binance Deposits and Withdrawals: Choose the Right Network and Memo

Author: Crypffalo Research · 11:30 03/10/2026

Picking the wrong network (TRC20, BEP20, ERC20) or forgetting a memo can cost you your coins. How to transfer crypto safely and spot common USDT P2P scams.

Binance Deposits and Withdrawals: Choose the Right Network and Memo

Coins sent on the wrong network or without a memo are often very hard to recover, and sometimes lost for good. Remember a few rules below and you can avoid almost all the risk when transferring crypto.

1. What is a network and why does choosing the right one matter?

The same USDT can run on many different blockchains: TRC20 (Tron), BEP20 (BNB Smart Chain), ERC20 (Ethereum), Solana, TON...
The golden rule: the sending network and the receiving network must match. If the receiving wallet only supports BEP20 and you send via TRC20, the coins may never arrive.
Fees differ by network: ERC20 is usually the most expensive, TRC20 and BEP20 are cheaper. Cheap isn't necessarily right; the correct network matters most.

2. Memo / Tag: never skip it

Some coins such as XRP, TON, ATOM, XLM require a Memo (or Tag) when depositing to an exchange so the exchange knows which account the funds belong to.
If the deposit screen shows a Memo, you must enter that exact Memo when sending. A forgotten Memo usually means filing a support request, which takes time and may cost a fee.

3. Safe transfer process (5 steps)

Step 1: On the receiving wallet or exchange, select the coin and network, then copy the deposit address (and Memo, if any).
Step 2: On Binance, go to Withdraw, paste the address and select the same network as the receiving side.
Step 3: Check the first 4 and last 4 characters of the address. Some malware can swap the address in your clipboard when you paste.
Step 4: The first time you send to a new address, send a small test amount first.
Step 5: Only send the rest once the test arrives. Save the address to your Withdrawal Whitelist so you don't have to paste it again next time.

4. Buying and selling USDT via P2P: watch out for scams

A common scam is the "triangle scam": a fraudster tricks a victim into sending money to you to buy USDT. When the victim reports it, your bank account may be frozen for investigation.
Only accept payments from a bank account whose name matches the counterparty on the exchange. Don't accept money from third parties.
Only release coins once the money has actually arrived in your account; don't trust transfer screenshots.
Don't trade off-platform, and don't trust offers with unusually good rates.

5. Add an extra layer of protection

Enable the Withdrawal Whitelist so withdrawals can only go to saved addresses.
Enable app-based 2FA for every withdrawal.
Long-term holdings can be moved to a self-custody wallet, with the recovery phrase stored offline.

Legal note for Vietnam

From September 1, 2026, Decree 284/2026/ND-CP sets fines of VND 30–50 million for Vietnamese investors trading crypto assets through unlicensed providers. Binance is currently not a licensed exchange in Vietnam.
Under Resolution 05/2025/NQ-CP, penalties for investors trading outside licensed exchanges apply 6 months after the first domestic exchange is licensed. As of early September 2026, no exchange had been officially licensed.
This article is for educational purposes only. Keep up with the latest regulations in your jurisdiction and think carefully before trading.

Tags: Binance, Binance Guides, Security, Beginners, USDT

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