Binance to Phase Out Deposits on BNB Beacon Chain (BEP2) (2024)

FAQs

Binance to Phase Out Deposits on BNB Beacon Chain (BEP2)? ›

As the BNB Chain team will be completing the sunset of BNB Beacon Chain (BEP2) by June 2024, Binance says it will stop processing deposit requests for all BEP2 tokens, excluding BEP2 Binance-pegged tokens (B-tokens) on May 15, 2024, at 12:00 a.m. (UTC).

BNB Beacon Chain (BEP2) will sunset this year (2024) according to a Binance announcement. If you have funds in a Binance Beacon Chain wallet, be sure to swap your BNB Beacon Chain to BNB Smart Chain before it's too late! The chain will be deprecated meaning it will not function after this event.

Binance will support the BNB Beacon Chain (BEP2) network upgrade and hard fork to ensure the best user experience.

Final Date for Asset Transition Set for June 2024

The giant crypto exchange Binance has revealed its plan to shut down the BEP2 network by June 2024 to ensure a smooth transition.

Binance announced the BNB Beacon Chain network is scheduled to be sunsetted in mid-October 2024. Binance's plan is to retire the BNB Beacon Chain and migrate its functions to the BNB Smart Chain network. As a result, the BNB Beacon Chain will be sunsetted, and only the BNB Smart Chain network will remain.

BNB Smart Chain is itself part of the BNB Chain ecosystem of blockchains, which consists of BNB Beacon Chain (the staking and governance layer), BNB Smart Chain (the smart contract execution layer), ZkBNB (a zero-knowledge proof rollup for scaling), and BNB Greenfield (a decentralized data storage platform).

The BNB Beacon Chain network (BEP2) will be sunsetted in Exodus on June 15, 2024.

Open the Trust Wallet browser extension and select the BEP2 asset to migrate. Select “Migrate” on the asset's details page, then select the “Migrate” again on the pop-up dialog. Review the details and then select “Confirm”.

BEP2 tokens are native to the BNB Beacon Chain, while BEP20 tokens are native to the BNB Smart Chain.

This strategic shift will transition BNB Beacon Chain's functionalities to the BNB Smart Chain (BSC) and phase out the BNB Beacon Chain. The aim is to streamline the network, boost efficiency, reduce security risks, and keep up with technological advancements.

How to migrate BNB beacon chain to BNB smart chain? ›

You can use BNB Chain Wallet (BEW) or TrustWallet to cross chain transfer your BNB from the Beacon Chain to the BSC. For BEW, you need to switch the network to “BNB Beacon Chain Network”/”BNB Beacon Chain Testnet Network”: Then, select the asset to transfer, enter the BSC account and the token amount.

The Binance Beacon Chain (BEP2) is Binance's original decentralized network. The Binance team recently announced it is scheduled for retirement and will be merged with the Binance Smart Chain (BNB) in May 2024.

BNB Chain is the most popular network among scammers. About 12% of all tokens on the blockchain are scam-related. For comparison, the share of scam tokens in the Ethereum network is 8%. An interesting fact is that about 15 fraudulent projects appear on various networks approximately every hour.

You can use Breet to Sell BNB. We are known for our secure and top-notch BNB trading. Breet is fitted with all the best features for a fast and reliable BNB-to-cash exchange. You can exchange BNB for either Naira or Cedis to your local bank account or exchange BNB for another crypto.

In order to provide a better trading experience, Bitget will suspend withdrawal services for the BNB-BEP20 network starting from June 6, 2024 (UTC) until a later date. Please note that trading will not be affected during the downtime.

Once your BNB is transferred to your Trust Wallet account, there's an option when you're looking at your BNB to convert it into smart chain. All you have to do is click this button and specify the conversion amount, and you're done. Additionally, the conversion costs are not very exorbitant.