Jorg Hiller October 29, 2024 10:10am
As the BNB Beacon Chain approaches sunset, Binance has announced the end of support for deposits and withdrawals of all BEP2 tokens. Users are asked to act by a deadline.
Binance, a leading cryptocurrency exchange, plans to end support for deposits and withdrawals on the BNB Beacon Chain (BEP2) in the coming weeks. This decision is in line with the BNB Chain team’s plan to complete the decommissioning of the BNB Beacon Chain by November 19, 2024, as reported by Binance.
Important deadline for BEP2 token holders
According to the announcement, Binance will stop processing all BEP2 token withdrawal requests starting November 1, 2024, 00:00 UTC. Additionally, the exchange will stop accepting deposit requests for all BEP2 tokens, except for Binance pegged tokens (B Tokens), by November 8, 2024, 00:00 UTC.
Users are encouraged to deposit BEP2 B tokens into their Binance accounts before network sunset on November 19, 2024 at 06:00 UTC. Once credited, these tokens can be withdrawn via the native network or other networks supported by Binance.
Impact on Binance users
This move marks a major change for Binance users who have relied on the BEP2 network for their trading. The decommissioning of the BNB Beacon Chain is part of a broader strategy to streamline operations and focus on more sustainable blockchain technology.
Binance emphasizes the importance of referring to the original English announcement for the most accurate information, especially considering that there may be discrepancies in translated versions.
broader context
The decision to phase out support for the BEP2 network comes amid a broader trend in the cryptocurrency industry as exchanges consolidate resources to focus on more scalable and efficient blockchain solutions. This strategic move may also reflect Binance’s continued efforts to strengthen security and efficiency across its platform.
As the cryptocurrency landscape continues to evolve, exchanges like Binance are adapting to new technological and regulatory environments. The suspension of BEP2 support is likely part of this adaptation strategy, allowing Binance to allocate resources to more promising blockchain innovations.
Overall, users are advised to stay informed and take necessary measures by the specified deadlines to ensure a smooth transition and avoid potential disruptions to trading activities.
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