In a recent update, Binance has encouraged users to transfer their BEP2 B-tokens to their Binance accounts before the complete shutdown of the BEP2 network in June 2024. This action will enable users to withdraw their B-tokens using the native network or other networks supported by Binance.
BEP2 serves as a token standard on the Binance Chain, a blockchain developed by Binance that facilitates the creation and issuance of tokens by users. As the BNB Chain team prepares for the sunset of the BEP2 network, Binance will gradually discontinue support for deposits on the BNB Beacon Chain.
The decision to cease processing deposit requests for BEP2 tokens (excluding B-tokens) is part of Binance’s initiative to streamline its operations and concentrate on the advancement and backing of alternative token standards like BEP20. BEP20 tokens are interoperable with the Ethereum Virtual Machine (EVM) and have garnered significant traction within the decentralized finance (DeFi) landscape.
Although deposits for all BEP2 tokens will be accommodated until May 15, 2024, users are urged to stay informed through Binance’s official communications for any updates or additional information. Binance will furnish ongoing updates and assistance to facilitate a seamless transition for users during this phase-out period.
Users should take note that the discontinuation of the BEP2 network will not impact the trading or withdrawal of previously deposited BEP2 tokens. Only deposits will be progressively phased out. Binance remains dedicated to furnishing a secure and effective platform for cryptocurrency trading and will persist in exploring innovative solutions to cater to the changing requirements of its user base.
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