The Binance Chief Executive Officer (CEO) Chengpeng Zhao said that when users of the platform mistakenly send tokens not listed on Binance, they usually recover them because the exchange helps in the recovery.
This is not always the case when users send unlisted tokens to other exchanges. This assertion was made by Zhao via Twitter where he advised users to use only exchanges that are interested in protecting them.
According to the man fondly called CZ in crypto circles,
When people mistakenly send non-listed ERC20 tokens to #Binance, even tokens issued by other exchanges, we help them to recover their funds.
When people mistakenly send #BSC tokens to other CEXs, many don’t help users to recover. 🤷♀️
Only use exchanges who protect you.
— CZ Binance (@cz_binance) October 28, 2020
“When people mistakenly send non-listed ERC20 tokens to #Binance, even tokens issued by other exchanges, we help them to recover their funds”CZ
CZ maintained that this is a reason why people should focus on centralized exchanges that have their welfare and safety of their funds in mind.