ZIL ERC20 conversion to native by Binance

Hi there,

Last year, the Zilliqa project organised a 1:1 swap of ERC20 tokens for native ZILs on their mainnet. Any holder of ERC20 could simply send their tokens to Binance and they would be automatically converted to native ZIL. On CoinTracker this results in a Send transaction from the ERC20 wallet labelled:

Could not determine the value of this sale - we don’t know the price of this coin on $DATE - please add the fiat value received or mark it as a transfer.

and a Receive transfer into the Binance ZIL wallet. What is the correct method for handling this? Should the Send be marked as a transfer? If so, what should the recipient wallet be, and how is it possible to avoid double-counting the value of the tokens?

BTW a similar question was posted in the thread ENG conversion to SCRT - How to edit / insert cost but no one answered.


1 Like

Hey Adam!

This is something we’re keen to add automatic support for in the near future and I’ve logged a request for you in our system. That’ll ensure you’re looped in on our progress.

In the meantime though we can still get this added as a manual transaction. We’re going to set that to be between ZIL and ZILQA for the amount of tokens you had converted.

Afterwards, you’ll update the cost basis and proceeds to match each other and you should be all set.

Appreciate your patience while we’ve been working hard to catch up with everyone’s enthusiasm! If you have any other questions just give me a shout,