Binance Announces Phased Retirement of BNBbank Chain (BEP2) in June 2024, Transitioning Assets to BNB Smart Chain

Binance recently announced plans to phase out BNB Chain (BEP2) by June 2024, transitioning its users and assets to BNB Smart Chain (BSC). Starting May 15, 2024, Binance will migrate BEP2 tokens to BSC, with the process estimated to be completed by June 2024.

Binance Announces Phased Retirement of BNBbank Chain (BEP2) in June 2024

Jakarta, Indonesia - April 17, 2023 - Binance, the world's leading cryptocurrency exchange, has issued an official announcement outlining the upcoming discontinuation of its Binance Chain (BEP2). This strategic move is part of Binance's ongoing efforts to streamline its blockchain ecosystem and enhance user experience.

Background: BNBbank Chain (BEP2)

BNBbank Chain (BEP2) is one of the foundational blockchains within the larger BNB Chain, primarily serving as a network for transferring and receiving BNB coins. Additionally, it facilitates the development and operation of tokens based on the BEP2 protocol.

Phased Transition to BNB Smart Chain (BSC)

Binance has announced that the phase-out of BNBbank Chain (BEP2) will be executed gradually over the coming months. This process has been carefully planned and will involve the migration of assets and applications to the more advanced and versatile Binance Smart Chain (BSC).

Migration Details

Commencing on May 15, 2024, Binance will initiate the migration of assets from BNBbank Chain (BEP2) to BNB Smart Chain (BSC). This process is expected to take several weeks and is anticipated to be complete by June 2024.

Binance Smart Chain (BSC)

Binance Smart Chain (BSC) is a high-performance blockchain platform designed for the development and execution of decentralized applications (DApps) and smart contracts. Its capabilities extend beyond simple asset transfers, enabling developers to create complex programs with automated functionality.

Phased Discontinuation of BEP2

To facilitate the transition, Binance will cease processing deposit requests for all BEP2 tokens (excluding Binance-pegged BEP2 tokens or B-tokens) as of 12:00 AM (UTC) on May 15, 2024.

User Responsibilities

Binance strongly advises users to promptly deposit their BEP2 B-tokens into their Binance accounts before the network's closure in June 2024. Deposited B-tokens can be withdrawn either through the native network or other Binance-supported networks.

Asset Binding and Migration

Prior to the complete shutdown of BEP2 in June, efforts will be made to facilitate the binding of all BEP2 and BEP8 assets to BNB Smart Chain (BSC). This will enable users to withdraw their assets seamlessly across different protocols.

It is crucial to note that once the BEP2 network is discontinued in June 2024, the asset binding and migration process will no longer be available. Users holding BEP2 tokens that are not bound to the BSC network may face difficulties recovering their assets and could potentially incur losses if they fail to migrate before the deadline.

CLI Token Migration Application

In June, Binance will release a Command Line Interface (CLI) token migration application. This tool is designed to assist users in recovering any remaining funds from the deprecated BEP2 network.

Conclusion

The discontinuation of BNBbank Chain (BEP2) is an important development for all BNB Chain users. It is essential for users to take the necessary actions promptly to ensure a smooth transition and avoid potential losses. By migrating their assets to BNB Smart Chain (BSC), users will benefit from an enhanced and robust blockchain platform. Binance remains committed to providing its users with the best possible experience and will continue to adapt its ecosystem to meet evolving industry needs.