Advertisement
AD

Main navigation

Binance Issues Important Announcement for Crypto Community

Advertisement
Thu, 8/02/2024 - 13:33
Binance Issues Important Announcement for Crypto Community
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Top crypto exchange Binance has issued an important announcement for the crypto community.

Advertisement

In an official blog post released Thursday, Binance announced that B-token withdrawals on the BNB Beacon Chain (BEP2) Network have been suspended with immediate effect. This is as the BNB Beacon Chain (BEP2) network sunsets in the next few months.

B-Tokens are Binance’s official name for a range of fully collateralized wrapped tokens that offer a transportable version of an original asset on a different blockchain.

Just like wrapped tokens on Ethereum, users can wrap Bitcoin and other cryptos for use on the BNB Chain. The Binance Bridge allows users to wrap crypto assets (BTC, ETH, XRP, USDT, BCH, DOT and many more) for use on the BNB Smart Chain in the form of BEP-20 tokens.

This announcement regarding the halting of withdrawals only impacts B-tokens. Withdrawals for all other tokens will be supported until Feb. 21, 2024, at 11:59 p.m. (UTC). After this date, users may no longer be able to withdraw tokens.

Related
Tron Founder Reportedly Moves Millions in USDT to Binance, Here's Reason

However, deposits of B-tokens and selected tokens on the BNB Beacon Chain (BEP2) network will continue to be supported until further notice.

Binance's BNB Smart Chain developers plan to merge the dual BNB Beacon Chain (BEP-2) and BNB Smart Chain (BEP-20) chain structures into a single blockchain, unveiling a six-month plan in this regard in January.

Users have been urged to deposit  BEP2 Binance-pegged tokens (B-tokens) into their Binance accounts before the BEP2 network sunsets. These tokens will be credited, and users can then withdraw them via its native chain or other chains supported by Binance.

Binance says it is proactively working with all listed projects that have tokens deployed on the BEP2 network to ensure a smooth transition for their token holders.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles