A network is a way for coins to be transferred.
There are several transfer methods for each coin.
However, there are networks that are not supported by each exchange.
Deposit and recovery may not be possible if the same coin is deposited through an unsupported network.
When making a deposit, be sure to check that the network of the place you are depositing and withdrawing from is the same!
Ex) When withdrawing from Binance to Bybit
- Ripple (XRP) Withdrawal Network Supported by Binance
- Ripple (XRP) Deposit Network Supported by Bybit
Binance supports BSC, BNB, and ETH networks in addition to the XRP network for Ripple (XRP) coin.
However, Bybit only supports the XRP network.
If you fail to confirm this and request a withdrawal using the BSC, BNB, or ETH network when sending from Binance to Bybit, the deposit will not be processed because the network is not supported by Bybit. If this happens, you must contact the Bybit customer center and apply for asset recovery separately.
Therefore, when depositing and withdrawing, be sure to check if the network is supported by both exchanges at the same time.