Binance Issues Key Announcement for BNB Beacon Chain Users

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As a researcher with experience in blockchain technology and cryptocurrency markets, I find this development from Binance regarding the phasing out of BNB Beacon Chain (BEP2) by June 2024 to be an important update for users of this network. The migration process from BNB Beacon Chain to BNB Smart Chain (BSC), which began on May 15, 2024, will impact all BEP2 token holders, including those with Binance-pegged tokens (B-tokens).

Binance made a notable announcement regarding the future of BNB Beacon Chain (BEP2) that could impact its users. According to the team’s statement in January 2024, BEP2 will no longer be in use come June 2024. This transition isn’t a sudden termination but rather a deliberate and well-planned process.

Starting from today, May 15, Binance has revealed its plan to transfer assets from the BNB Beacon Chain to the BNB Smart Chain. This process is scheduled to unfold over the coming weeks, with a projected finish date of June 2024.

Beginning today, Binance will initiate the transfer of assets from BNB Beacon Chain to BNB Smart Chain. This process is expected to carry on over the coming weeks, with a target finish date in June 2024. For further information, please refer to the link below. 🔽— Binance (@binance) May 15, 2024

Starting from May 15, 2024, at midnight UTC, Binance will cease processing deposit requests for all tokens based on the BNB Beacon Chain (BEP2) except for Binance-pegged tokens (B-tokens). The BNB Chain team is scheduled to conclude the retirement of the BNB Beacon Chain by June 2024.

I strongly recommend users to transfer their BEP2 B-tokens into their Binance accounts prior to the BEP2 network’s shutdown in June 2024. Once deposited, these tokens will be accessible for withdrawal through Binance’s native network or other supported networks by the platform.

Before the sunset of BEP2 and BEP8 tokens on BSC, which is scheduled for June, initiatives are underway to link these tokens with BNB Smart Chain. As a result, users will be able to carry out cross-chain withdrawals of their assets.

Based on previous information, the process for linking assets and transferring them to the BEP2 network will no longer be accessible after its sunset in June 2024 has occurred.

Individuals possessing BEP2 tokens not linked to the BEP20 network risk losing access to these assets and potentially incurring losses if they fail to transfer them before the expiration date.

In June, an essential move will be the unveiling of a Command Line Interface (CLI) app for migrating tokens. Designed to help users, this tool enables the retrieval of remaining funds on the Beacon Chain, marking a significant achievement towards our planned objectives.

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2024-05-15 18:41