Binance is Accused of Losing BTC When Withdrawing to a Taproot Address

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A user of crypto exchange Binance has spoken about a failed attempt to withdraw Bitcoins to an address with a new format, added with the Taproot update. According to him, he lost the funds because of Binance’s fault. He said:

“A few days ago, I requested a withdrawal of BTC on Binance using the bc1p address, and the request went through as usual, without any problems or warnings.”

The wallet did not receive the funds, so the author of the post checked the Txn ID. According to him, another address received exactly the same amount. The support service said Binance could not withdraw to “bc1p,” so the system converted it to the “bc1q” format.

At the same time, in November, the exchange announced it would support the Taproot update. The user added:

“Of course, this is all out of the ordinary, and they [Binance] are trying to convince me that this is my fault, and I continue to fight for them to take responsibility.”

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