Transfer BNB from Binance.sg to Binance to Celsius

Transferring BNB to Celsius using BEP20 (Binance Smart Chain) from Binance did work for me but it was scary (I even raised a helpdesk ticket beforehand) due to the risks of getting my BNB lost in transit.

The exact steps to transfer BNB from Binance.sg to Binance to Celsius are:-

  1. Goto Binance.com and deposit BNB (Generate a new deposit address since this is your first time and copy the address and memo ID. Ensure you have the memo ID pasted too)
  2. Goto Binance.sg Dashboard and send your BNB
  3. Paste the address from Binance.com and confirm (Wait for around 10 minutes for the network confirmation)
  4. Do your 2FA in Binance.com if you have not via either Google Authenticator or mobile.
  5. Goto Celsius and select Transfer and choose BNB (Copy the address starting with 0x)
  6. Goto Binance.com and withdraw BNB with the Celsius address
  7. It will default to BEP20 (BSC) with the warning that it is not widely supported. (Celsius does support native blockchain, i.e. BEP20, recently).

The reason I started this journey was a Celsius promo code that work even with existing user. A pro tip to find Celsius promo codes through Celsius's own promotion rules site. The Celsius promo code BNB40 gives $40 in BNB with $400 deposit and was the only one that works with existing user.

As I am a Singaporean, I bought my BNB from Binance.SG since I can just transfer SGD from my local bank to Binance.SG. I did my verification beforehand and the transfer from my local bank to Binance.sg using xfers. 

The first problem was Binance.sg don't allow transferring BNB to Celsius. Therefore, I had to encounter 2 fees (from Binance.sg and then from Binance.com)

The main worries or red flag on the transfer from Binance.sg were 

  1. I recalled many Celsius users who lost their coins or require Celsius help when they sent their coins wrongly (i.e. without memo)
  2. Binance.sg saying incorrect address when I first copied Celsius address into Binance.sg
  3. Some old Reddit posts with users saying Celsius does not support the Binance chain
  4. Celsius FAQ only says it does not support BEP2, but nothing about BEP20.

In the end, these worries were unfounded as

  1. I did find more recent Reddit post saying BEP20 (BSC) is supported; and
  2. an online post that your token is still available (just probably need the private key from Celsius to help retrieve it) if it was in the wrong chain (i.e. ERC20 instead of BSC20).

Therefore, I felt confident to go ahead without an answer from Celsius and press withdraw. Luckily, it was in and I got my promo bonus, pending 30 days. I hope this guide is useful for other Singaporean crypto users.

 

Author
Sky Hoon. Read Full Bio
Website Owner, Twitter-er
He has been trading since 2008. He started this blog to share the journey about option trading. He dabbled in stocks, bitcoin, ethereum (in Celsius Network), ETF (lazy Dollar Cost Averaging) and also built websites for fun. He used this as a platform to share my experiences and mistakes in trading, especially options which I just picked up.

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