• Binance is migrating assets from the BNB Beacon Chain to the BNB Smart Chain from May 15, 2024, with completion by June 2024.
• BEP2 token deposits will be stopped on May 15, 2024, excluding BEP2 Binance-pegged tokens (B-tokens).
• A CLI token migration tool will be released in June to assist users in retrieving funds remaining on the Beacon Chain.

Binance Exchange is initiating the migration of assets from the BNB Beacon Chain to the BNB Smart Chain (BSC), starting from May 15, 2024. This transition process is set to be completed by June 2024. The migration strategy is part of a broader plan to phase out the BNB Beacon Chain, which was first communicated in January 2024.

During this transition period, Binance will stop processing deposit requests for all BEP2 tokens, excluding BEP2 Binance-pegged tokens (B-tokens), effective from May 15, 2024, at 12:00 a.m. (UTC). Users are advised to deposit their BEP2 B-tokens into their Binance accounts before the network’s sunset in June to ensure they can withdraw these assets via their native network or other supported networks.

Binding and Cross-Chain Withdrawals

Ahead of the June deadline, efforts are underway to bind all BEP2 and BEP8 assets to the BNB Smart Chain. This binding will enable users to conduct cross-chain withdrawals of their assets. Binance emphasizes the importance of this step, noting that the ability to migrate and bind assets will become unavailable once the BEP2 network is completely phased out.

Users holding BEP2 tokens that are not yet bound to the BEP20 network may face difficulties in recovering their assets if these steps are not completed before the deadline. To assist with this transition, a Command Line Interface (CLI) token migration application will be released in June. This tool aims to help users retrieve funds that remain on the Beacon Chain, marking a significant milestone in the migration roadmap.

The transition to the BNB Smart Chain represents a shift towards a more unified and efficient network. By migrating assets and utilizing the upcoming CLI tool, users can ensure their funds are safe and accessible. It reflects Binance’s ongoing efforts to streamline its blockchain infrastructure and provide users with robust and versatile options for managing their digital assets. 

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The post Binance Announces Transition Plan for BNB Beacon Chain Users appeared first on Crypto News Land.

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