- Binance announced the deprecation of the BNB Beacon Chain and halted B-tokens withdrawal on the network.
- Users are advised to transfer their assets to BNB Smart Chain before the complete shutdown of the network.
Cryptocurrency exchange Binance has decided to discontinue the withdrawal of B-tokens (BEP-2) on the BNB Beacon Chain network. The blockchain is scheduled for a full shutdown in April 2024.
Binance fully supports the network decommissioning plan to ensure a seamless transition of users to the BNB Smart Chain. The team is actively assisting clients with assets on the BNB Beacon Chain.
To facilitate the transition, Binance is recommending users with BEP-2 tokens to convert them to the BEP-20 format. For now, the exchange has suspended withdrawals from the Binance tokens-related blockchain.
Transactions involving other assets will continue until February 21, 2024, after which withdrawals on the BNB Beacon Chain network will be completely halted.
However, it is important to note that deposits of B-tokens on the mentioned blockchain will still be supported until further notice.
The decision to terminate the network is primarily driven by the BNB Chain project’s move away from a two-chain structure. As part of the reorganization, the Beacon and Smart Chain blockchains will be merged into a single chain that supports the BEP-20 standard.
It is worth recalling that we previously reported on the BNB Chain team’s plans for 2024.