Binance Halts B-Token Withdrawals on BNB Beacon Chain
Date: 2024-02-08 Author: Dima Zakharov Categories: BUSINESS
Binance, one of the leading cryptocurrency exchanges, has initiated the process of discontinuing support for the BNB Beacon Chain network. The company has ceased allowing withdrawals of B-tokens (BEP-2) via this blockchain, attributing the move to the planned shutdown of the network in April 2024.
According to the announcement, Binance is executing its plan to phase out the network to ensure a smooth transition for users to the BNB Smart Chain. The exchange's team is actively assisting users who have assets on the BNB Beacon Chain.
Binance advises users who utilize the BEP-2 standard to convert their tokens to the BEP-20 format. Currently, the exchange has paused withdrawals associated with Binance tokens from the blockchain.
Transactions involving other assets will remain available until February 21, 2024. Subsequently, withdrawals on the BNB Beacon Chain network will be completely halted.
Exchange representatives note that deposits of B-tokens on the mentioned blockchain will be supported until further notice.
It's worth noting that the network's shutdown is linked to the BNB Chain project's shift away from a two-chain structure. As part of the blockchain's restructuring, Beacon and Smart Chain will merge into a single chain, supporting the BEP-20 standard.
