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Binance to phase down BNB Beacon Chain (BEP2) deposits

source-logo  cryptonewsz.com 24 April 2024 17:27, UTC

The BNB Chain members have communicated that Binance will terminate all operations on the BNB Beacon Chain (BEP2) by June 2024. In line with this decision, Binance has set a deadline for all BEP2 token deposits, excluding Binance-pegged tokens (B-tokens), which must be completed by May 15, 2024, at 00:00 UTC. This decision is part of the more extensive strategy of shutting down the BEP2 network and completely migrating to a more advanced BEP20 network.

All users who currently possess BEP2 B tokens are urged to transfer them to Binance accounts prior to the ultimate day of the network shutdown in June 2024. After circulating in their original network, token holders can retrieve these tokens through the Binance network or other networks specifically supported by Binance, ensuring convenience and continuity.

As per the Binance exchange review, users need to understand that they can keep making deposits for all BEP2 tokens until May 15. After May 1, BEP2 B-tokens would be the only accepted currency until the network is completely shut down in June. Users should check the current deposit status page on Binance for updates and ensure they adhere to the revised deadlines.

These results demonstrate the global implementation of the previously introduced BNB Beacon Chain Fusion Roadmap. Global claims that the roadmap covers six months and lays down the precise activities needed for BEP2 initiatives to link their tokens to the BEP20 platform and consequently migrate the assets on-chain. The objective of this method is to streamline procedures and increase the efficiency of the network.

The community greatly appreciates Binance’s commitment to ensure that all users are consistently informed through announcements and updates. For those who are extremely concerned about the famous network transformation, Binance has provided several informative platforms. These resources range from the BEP2 Network Sunset Plan, which describes all the actions needed for BEP2 projects, to the BEP2/BEP8 Asset Sunset Announcement.

Amidst the integration of these amendments by Binance, it is critical that users remain vigilant and exercise informed judgment regarding the protection of their virtual assets in relation to the novel protocols. A phased transition on Binance signifies the continuation of the exchange’s recurring endeavors to enhance functionalities, deliver more dependable services, and cater to the requirements and preferences of its members.

Due to the possibility of inconsistencies in the translated English version of this original article, readers are encouraged to consult the source material for the most current and precise information in cases where any inconsistencies emerge.