Binance has made an important news that will affect people who use the BNB Beacon Chain (BEP2). The project team said in January 2024 that BNB Beacon Chain (BEP2) would be slowly taken out by June 2024. This “sunset plan” is not a sudden end, but rather a carefully thought-out way to move things along.
In line with this, Binance has announced that assets will start moving from BNB Beacon Chain (BEP2) to BNB Smart Chain (BSC) on May 15. The process of moving will happen over the next few weeks, and the goal is to be done by June 2024.
Binance Urges Token Migration
The BNB Chain team is working hard to end BNB Beacon Chain (BEP2) by June 2024. As a result, the Cryptocurrency Exchange will stop handling deposit requests for all BEP2 tokens, except for BEP2 Binance-pegged tokens (B-tokens), on May 15, 2024, at 12:00 a.m. (UTC).
For this reason, users are strongly encouraged to add BEP2 B-tokens to their Binance accounts before June 2024, when the BEP2 network ends. Once B-tokens are added to a Binance account, they can be removed through Binance’s own network or other networks that it supports.
Before the June sunset, work is being done to connect all BEP2 and BEP8 assets to the BNB Smart Chain (BSC). This will allow users to transfer their assets across chains. As was already said, the binding and asset transfer process will not be available after June 2024, when the BEP2 network goes offline.
People who own BEP2 tokens who are not connected to the BEP20 network could lose them and not be able to get them back if something isn’t done before the sunset date. The release of a Command Line Interface (CLI) token migration program in June will be a very important step.
The goal of this tool is to help users get back funds that are still on the Beacon Chain. This is an important move forward in the plan.
