Binance, a major player in the cryptocurrency exchange market, announced its plan to discontinue support for the BNB Beacon Chain (BEP2) network. As per the official notice, this decision comes as the BNB Chain team fully withdraws their backing for the network, leading to significant changes for users of the platform.
What Are the Key Dates for Users?
The most pressing deadline for users is November 1, 2024, when Binance will halt all withdrawals of BEP2 tokens. This marks the last day for customers to extract their funds via the BNB Beacon Chain.
When Will Deposits Be Stopped?
Following the withdrawal deadline, deposits of BEP2 tokens will also cease on November 8, 2024. Users are encouraged to shift their BEP2 investments to their Binance accounts and explore alternative networks to avoid disruptions.
The final shutdown of the BNB Beacon Chain network will occur on November 19, 2024. After this point, Binance will not execute any transactions related to the BNB Beacon Chain. To avoid losing access to funds, users must complete all necessary transactions before these deadlines.
- Withdrawals of BEP2 tokens end on November 1, 2024.
- Deposits will stop on November 8, 2024.
- Complete shutdown of the BNB Beacon Chain is on November 19, 2024.
This strategic shift emphasizes the importance of timely action for users who engage with the BNB Beacon Chain, urging them to manage their assets accordingly before the impending deadlines.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/binance-stops-bnb-beacon-chain-support