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In a significant development, Binance has issued a key announcement that might concern BNB Beacon Chain (BEP2) users. As indicated by the project team in January 2024, BNB Beacon Chain (BEP2) will be phased out in June 2024. The sunset plan is not an abrupt discontinuation but a carefully orchestrated transition process.
In this regard, Binance has announced it will start migrating assets from BNB Beacon Chain (BNB) to BNB Smart Chain (BSC), taking effect from today May 15. The migration will continue over the next few weeks, with completion aimed at June 2024.
As the BNB Chain team will be completing the sunset of BNB Beacon Chain (BEP2) by June 2024, Binance says it will stop processing deposit requests for all BEP2 tokens, excluding BEP2 Binance-pegged tokens (B-tokens) on May 15, 2024, at 12:00 a.m. (UTC).
As a result, users are strongly encouraged to deposit BEP2 B-tokens into their Binance accounts before the BEP2 network sunset is complete in June 2024. B-tokens credited to Binance accounts can then be withdrawn via its native network or other networks supported by Binance.
Tomiwabold OlajideAhead of the sunset completion in June, efforts are being made to bind all BEP2 and BEP8 assets to BNB Smart Chain (BSC), allowing users to conduct cross-chain withdrawals of their assets.
According to an earlier announcement, the binding and asset migration process will become unavailable once the BEP2 network sunset is complete in June 2024.
Users who hold BEP2 tokens that are not bound to the BEP20 network may be unable to recover their BEP2 assets and might sustain losses if this is not done before the sunset deadline.
A pivotal step in June will be the release of a CLI (Command Line Interface) token migration application. This tool is intended to assist users in retrieving funds that are still on the Beacon Chain, signaling a key milestone in the roadmap.
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.
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