Binance to Phase Out Deposits on BNB Beacon Chain (BEP2)

In a recent announcement, Binance said that users are strongly encouraged to deposit BEP2 B tokens into their Binance accounts before the complete decommissioning of the BEP2 network in June 2024. By doing so, users can access the native network or any other network supported by Binance.

BEP2 is the token standard for Binance Chain, a blockchain developed by Binance. This allows users to create and issue their own tokens. However, Binance will be phasing out deposit support on his BNB Beacon Chain as the BNB Chain team prepares to decommission his BEP2 network.

The decision to stop processing deposit requests for BEP2 tokens (excluding B tokens) is part of Binance’s efforts to streamline operations and focus on developing and supporting other token standards such as BEP20. The BEP20 token is compatible with the Ethereum Virtual Machine (EVM) and is gaining popularity within the decentralized finance (DeFi) ecosystem.

All BEP2 token deposits will be supported until May 15, 2024, but we recommend staying up to date with any changes or additions through Binance’s official announcement. Binance will continue to provide updates and support to ensure a smooth transition for users during this phase-out period.

It is important for users to note that the decommissioning of the BEP2 network will not affect trading or withdrawal of already deposited BEP2 tokens. Only deposits will be phased out. Binance remains committed to providing a secure and efficient platform for cryptocurrency trading and will continue to explore innovative solutions to meet the evolving needs of our users.

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