Binance to Add 3 Transfer Checks After 11,398.77 USDT Loss

Binance plans to add three confirmation steps to payment transfers after a user reported losing 11,398.77 Tether (USDT) in a mistaken transfer from Binance to Binance Thailand, co-CEO He Yi said Nov. 8. The announcement followed the user's allegation that duplicate user IDs caused the loss.

What went wrong in the transfer?

The user attempted to move funds from Binance to Binance Thailand but entered a user ID (UID) instead of an address or QR code. He Yi said the user did not carefully check at the second confirmation, placing a failed verification step at the center of the incident.

He Yi said she would compensate the user with personal funds. Her stated reason was operational: “Binance cannot directly move money from another customer's account,” she said. The statement made the transfer's path between customer accounts central to the incident and separated He Yi's personal reimbursement from a company-level account reversal.

Why did He Yi dispute the duplicate-ID claim?

The user alleged that duplicate UIDs caused the loss. He Yi said: “Every customer has a unique UID.” The two claims concern different parts of the transfer: whether an identifier can point to more than one customer, and whether the customer intended to use that identifier for a transfer between separate Binance apps.

That distinction matters because Binance developed its local fiat trading platforms in Turkey, Thailand and the United States separately from the main platform for historical compliance reasons. The company said those platforms use separate account systems and do not support UID transfers between them.

The route from Binance to Binance Thailand therefore crossed both an identifier-format error and a platform account boundary, based on the structure He Yi described. The source identified no token-contract or chain-specific failure; it cited the identifier entered and the separate account systems as the relevant operational facts.

What will the three confirmation steps change?

Binance's three additional confirmation steps would change that operating sequence by adding more checks before a payment transfer proceeds. The announcement did not disclose what each prompt would show, when the controls would deploy or which transfer routes would be covered.

Until those details are published, users must continue to check addresses and UIDs when making cross-platform transfers or withdrawals, He Yi said. For the Thailand transfer, the reported failure was the selection of a UID where an address or QR code was expected, followed by an inadequate second confirmation.

Her explanation centers on user input and platform account design rather than a reported token-contract or chain-specific incident. That distinction does not remove the need for the new controls, because the second confirmation already existed and, in this case, did not stop the payment.

How will Binance collect product feedback?

He Yi also invited users to submit product suggestions for one week. Binance's product team will select 10 suggestions and award each selected contributor 1 BNB.

The feedback window creates a second product process alongside the transfer checks. Users can propose changes to the payment experience; the company has fixed the number of selected proposals at 10 and the award at 1 BNB per selected contributor.

The announcement does not specify how the product team will evaluate submissions or whether any proposal will change the planned confirmation sequence. Binance set no rollout timetable for the three-step plan.

The practical work now sits with Binance's product team and users: the company must define and ship the checks, while customers must verify the destination platform and identifier before authorizing a transfer. The one-week suggestion window is the only near-term deadline in the announcement; Binance has not stated when the three confirmation steps will go live.