Crypto glossary
BEP-20
BEP-20 is the token standard of BNB Smart Chain, essentially ERC-20 on an EVM-compatible network, whose shared address format often confuses deposits.
BNB Smart Chain is an EVM-compatible chain, so its BEP-20 standard mirrors ERC-20 almost exactly. Tokens use the same functions, wallets such as MetaMask can connect by adding the network, and fees are paid in BNB. Many projects deploy the same contract on both Ethereum and BNB Smart Chain, and exchanges list BEP-20 as a cheaper withdrawal option for stablecoins and other assets.
The standard became popular during the 2021 DeFi boom, when high Ethereum fees pushed users toward cheaper chains. Thousands of tokens, including many short-lived memecoins, launched as BEP-20, and binance-pegged versions of other coins circulate on the network.
Because BEP-20 and ERC-20 addresses look identical, both starting with 0x, users frequently send funds on the wrong network. The address may be valid on both, so the transfer succeeds but lands on a chain the recipient's platform does not monitor. Self-custody wallets can usually see such funds by switching networks; exchanges may or may not recover them. The older BEP-2 standard belonged to the retired BNB Beacon Chain.
Example
A user withdraws USDT from an exchange via BEP-20 to their MetaMask address but sees nothing until they switch MetaMask from Ethereum to BNB Smart Chain, where the tokens are waiting.