Binance to phase out BNB Beacon Chain (BEP2) deposits

In a recent announcement, Binance stated that it strongly encourages users to deposit BEP2 B-tokens into their Binance accounts before the BEP2 network is completely shut down in June 2024. By doing so, users can withdraw B-Tokens via: 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, as the BNB Chain team prepares for the shutdown of the BEP2 network, Binance will be phasing out deposit support for the BNB Beacon Chain.

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 the development and support of other token standards such as BEP20. The BEP20 token is compatible with the Ethereum Virtual Machine (EVM) and has gained popularity within the decentralized finance (DeFi) ecosystem.

Deposits for all BEP2 tokens are supported until May 15, 2024, but users are advised to stay updated with official announcements from Binance for any changes or additional details. Binance will continue to provide updates and support to ensure a smooth transition for users during the phase-out period.

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

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