- Binance has begun the process of deprecating the BNB Beacon Chain.
- The company has stopped the withdrawal of B-tokens through this blockchain.
- Before the network is completely shut down, the exchange recommends transferring assets to BNB Smart Chain.
Cryptocurrency exchange Binance stopped withdrawal of B-tokens (BEP-2) in the BNB Beacon Chain network. This is due to the gradual shutdown of the blockchain, which is scheduled to stop in April 2024.
According to the statement, the company supports the network decommissioning plan to ensure a smooth migration of users to the BNB Smart Chain. The team works with clients whose assets are placed on the BNB Beacon Chain.
Binance recommends that users using the BEP-2 standard convert their tokens to the BEP-20 format. At the moment, the company is suspending the withdrawal of funds from the blockchain associated with Binance tokens.
Transactions with other assets will be available until February 21, 2024. After this, withdrawals on the BNB Beacon Chain network will be completely stopped.
Exchange representatives note that deposits of B-tokens in the mentioned blockchain will be maintained until further notice.
It is worth noting that the termination of the network is due to the abandonment of the BNB Chain project from a two-chain structure. As part of the restructuring, the Beacon and Smart Chain blockchains will be combined into one chain that supports the BEP-20 standard.
Let us remind you that we wrote that the BNB Chain team presented plans for 2024.