Binance withdrawals phase 2: Cardano and Litecoin only via BEP20 for now

Withdrawing Cardano from Binance has been possible again since Tuesday, but only as a BEP20 token on BNB Smart Chain, not via the Cardano network itself. Anyone wanting to send ADA to a Cardano-only wallet such as Yoroi or Eternl will find the native network still blocked. According to the release list, the same applies to Litecoin, Polkadot, Stellar, Hedera and NEAR. Anyone who simply picks BEP20 in this situation and enters a Cardano address risks the coins never arriving.

Early on Tuesday morning, Binance launched the second phase of withdrawals after the hack of October 29. In its announcement "Recovery Update #6", the exchange lists a long set of coins for November 3 from 5 am German time, sorted by network. The catch lies in that sorting: many well-known coins appear only under "BSC", that is, as tokens on BNB Smart Chain. Most German reports on the second phase do not mention this. This guide explains what BEP20 means, which wallets can handle it and when waiting is the better choice than a quick withdrawal.

Binance phase 2: nine networks, but Cardano only as a BEP20 token

The release is happening step by step. Binance states explicitly that not all listed assets will become available at the same time; each coin-and-network pair opens only after its own security and readiness checks. The order follows customer demand over the past week. According to the list, phase 2 covers nine networks: BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base. The trade outlet Cointelegraph arrives at the same line-up in its report on Tuesday.

Under BNB Smart Chain the list includes ADA, LTC, NEAR, DOT, XLM, HBAR, DOGE, ZEC, LINK, SHIB, CAKE and FET, alongside BEP20 versions of BTC, ETH, XRP and SOL and stablecoins such as FDUSD, USD1 and TUSD. Via Ethereum, Binance releases RLUSD, ENA, USDe, PENDLE, WLD, QNT, ONDO, ZRO, LINK and SHIB, among others, and via Solana assets such as RENDER, JUP, PYTH, BONK, WIF, TRUMP and PENGU. On the XRP Ledger only the stablecoin RLUSD is added; XRP itself has been open there since the first phase.

Reading the list, the pattern quickly emerges. Coins that live as tokens on Ethereum or Solana can now be withdrawn via their actual home. Coins with their own blockchain, such as Cardano or Litecoin, only come out in a substitute form, as tokens on BNB Smart Chain.

BEP20 explained: what a Binance-Peg token on BNB Smart Chain is

BEP20 is the token standard of BNB Smart Chain, comparable to ERC20 on Ethereum. A token under this standard is a balance entry in a smart contract on BNB Smart Chain, not a coin on its own blockchain.

ADA, LTC or DOT on BNB Smart Chain are so-called Binance-Peg tokens. Binance issues them itself and, by its own account, holds the original coin as backing one to one. A Binance-Peg Cardano token is therefore meant to be worth exactly one ADA and can be converted back into real ADA via Binance by depositing it and later withdrawing via the Cardano network. The token does not exist on the Cardano blockchain itself.

That creates two differences from the original. First, its value depends on Binance's commitment to maintain the backing. Second, you cannot use the token for functions of the Cardano blockchain: staking in a Cardano pool, voting or Cardano applications do not recognise it. The same applies, mutatis mutandis, to Litecoin, Polkadot, Stellar, Hedera and NEAR.

Native networks: Cardano, Litecoin, Polkadot, Stellar, Hedera and NEAR stay blocked

Comparing the two release lists shows who is still waiting. In the first phase on November 1, Binance opened 15 networks, including Bitcoin, Ethereum, BNB Smart Chain, Tron, Solana, the XRP Ledger, Zcash, Dogecoin, TON, Polygon, Avalanche, Arbitrum, Base, Optimism and Sui. The details are in our article of November 1 on the first phase of Binance withdrawals.

The native blockchains of Cardano, Litecoin, Polkadot, Stellar, Hedera and NEAR appear in neither phase 1 nor phase 2. For these six coins, BNB Smart Chain is currently the only way out of the exchange. Dogecoin is a different case: the Dogecoin network was already on the list in the first phase, and DOGE is now additionally available as a BEP20 token. Anyone wanting to send DOGE to their own Dogecoin wallet should therefore choose the Dogecoin network, not BSC.

Binance has not given a date for the next stage. The exchange merely says further assets will be added once they are ready.

Bitcoin, ether and XRP: the BEP20 version as an additional option

BTC, ETH, XRP and SOL also appear under BSC in the phase 2 list. For these four coins it is an additional choice, not a substitute, because their own networks have been open since November 1. The BEP20 variant carries a lower network fee, but here too what lands is a peg token on BNB Smart Chain, not real bitcoin on the bitcoin blockchain. For a hardware wallet with a bitcoin address, the bitcoin network is therefore the only suitable choice.

Wrong network on withdrawal: why BEP20 fails at a Cardano address

A withdrawal at Binance consists of three inputs: coin, network and recipient address. The address has to match the network, not the coin. A Cardano address usually starts with "addr1", an address on BNB Smart Chain with "0x". Binance checks the format and usually rejects a withdrawal in the form itself if address and network obviously do not match.

The danger lies where formats look the same. An Ethereum address and an address on BNB Smart Chain have the same form. Anyone sending BEP20 tokens to an address whose wallet does not manage BNB Smart Chain, for example the deposit address of another exchange that only accepts Ethereum, will not see the coins there. Whether such misdirected transfers can be recovered is entirely up to the recipient, and many providers refuse or charge a fee for it.

The basic rule is therefore this: you choose the network that the receiving wallet explicitly offers for that coin. For a Cardano-only wallet, that is exclusively the Cardano network, and that is exactly what is still closed at Binance.

Wallet compatibility: which wallets accept BEP20 tokens

A wallet can only accept BEP20 tokens if it supports BNB Smart Chain. That is the case for multichain wallets such as MetaMask once the network has been added, and for Trust Wallet. Many hardware wallets also manage BNB Smart Chain via a separate account. Cardano-only wallets such as Yoroi, Eternl or Lace, by contrast, do not know BNB Smart Chain; for them, the Binance-Peg token simply does not exist.

Anyone moving BEP20 ADA into a multichain wallet should bear two things in mind. For every later movement you need some BNB for the network fee on BNB Smart Chain. And the wallet often only displays the token once you add it manually via the contract address. Which software wallets handle multiple networks cleanly is shown in our software wallet comparison.

A small test amount protects against the most expensive mistake in any case. Send a small quantity first, check that it arrives in the wallet and only then transfer the rest.

Wait or take BEP20: weighing it up for Cardano and Litecoin holders

Time is the argument for the BEP20 withdrawal. Anyone who wants to get their balance off the exchange quickly after the hack now has an open route via BNB Smart Chain. The coins then sit in your own wallet, and the value stays pegged to ADA or LTC as long as Binance maintains the backing.

The argument against is that it does not get you to your actual destination. Anyone wanting to stake ADA or hold it long term on a Cardano hardware wallet ultimately needs real ADA. The way there runs either back through an exchange or via a swap on a decentralised exchange or bridge, and each of those steps costs fees and time and carries its own risks. Anyone planning to keep their coins at Binance anyway has no reason to switch to BEP20 now.

Holders who need a native network and are in no hurry will usually find waiting simpler. Binance has pledged to bear the financial consequences of the theft itself and not to pass the losses on to customers. Since November 2, according to the exchange, a proof of reserves also lets users check whether the ten most important coins are backed at least one to one.

Network status at Binance: how to check the release yourself

Binance shows in two places whether a coin can already be withdrawn on a particular network. On the coin's withdrawal page, all networks appear once you select it; blocked ones are greyed out or carry a notice. In addition, Binance maintains a network status page, which the exchange explicitly names as a reference in its announcement.

Open both only via the app or by typing binance.com directly, never via links in emails, messengers or search ads. According to Binance, delays may occur during the rush. If a withdrawal fails, the exchange recommends trying again after a short while.

The rush is now easing. According to DefiLlama data cited by Cointelegraph, net outflows from Binance came to $2.57 billion on Monday, after $6.1 billion on Sunday, the first day of the reopening.

USDP and phase 3: what is still missing from Recovery Update #6

Not every coin is included in the second phase. The stablecoin USDP (Pax Dollar) is missing from the list of November 3, even though a hard deadline is running for it: Binance had announced the delisting of USDP before the hack, and withdrawals are possible only until November 24. The background is in our article on the USDP withdrawal deadline at Binance. Anyone holding USDP on the exchange should keep the deadline in view and check the network list regularly.

Some smaller tokens in the exchange's inventory have not been released yet either. The same applies to them as to Cardano and Litecoin: Binance gives no date but announces further releases. Our round-up crypto hack news keeps track of all the attacks of the past days and the latest status.

Crypto tax: own wallets, swaps and the holding period for peg tokens

In Germany, a withdrawal from Binance to your own wallet is not a taxable event as long as you only move the same coins between your own accounts. No disposal takes place, and the one-year holding period under Section 23 of the Income Tax Act keeps running.

It gets more complicated if you later turn a Binance-Peg token into real ADA on a decentralised exchange. Whether the tax office treats such a switch between the original and the pegged token as an exchange that starts a new holding period has not been conclusively settled for this pattern. The question is the same as with wrapping bitcoin; we worked through both defensible readings in detail using the example of wrapped bitcoin and the holding period. Anyone holding coins shortly before the holding period expires is generally on safer ground converting back via Binance, because only the same coin is deposited and withdrawn. Record every movement with its date and transaction ID.

Fast-withdrawal scams: Binance warns against fee offers

The staggered release attracts fraudsters. According to Cointelegraph, Binance warns against contacts posing as exchange staff who offer faster withdrawals, priority handling or help with compensation for a fee, or who ask customers to move balances into a supposed "Binance Vault". In Binance's words, anyone who promises to speed up your withdrawal for a fee is scamming you.

There is no fast lane. Binance sets the order according to its own security checks, and the only fees are the regular network fees in the withdrawal form.

Binance withdrawals: until native networks reopen, BEP20 is the only route

1. Match the network to your wallet. Check whether your wallet supports BNB Smart Chain. For Cardano, Litecoin and the others on your own hardware, the native network is the right choice; our hardware wallet comparison gives an overview of devices that manage several blockchains.
2. Record every movement for tax. Whether a BEP20 withdrawal, a conversion back or a swap, the date, amount and transaction ID later decide the holding period; a portfolio tracker from our comparison of crypto tax tools handles the matching for you.
3. Review your custody in principle. The hack shows how quickly a large exchange can halt withdrawals for days. Anyone wanting to keep trading on a platform can compare providers licensed in the EU in our overview of regulated crypto exchanges.

(As of November 3, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)