Leading cryptocurrency exchange Binance has revealed its decision to close down the BNB Beacon Chain (BEP2) network. The exchange has called upon all BEP2 project users to safeguard their interests by migrating their tokens to the BNB Smart Chain (BEP20) network and promptly initiating the asset transfer from BEP2 to BEP20.
Final Date for Asset Transition Process Set for June 2024
Binance has set June 2024 as the final date for shutting down the BEP2 network to ensure a seamless transition. In recent months, Binance has been actively engaging with projects on the BEP2 network, urging them to commence binding and asset transition procedures.
As the deadline for shutting down the BEP2 network approaches, all relevant projects must expedite this process to avoid inconveniencing their users. Failure to migrate assets to the BEP20 network before the stipulated deadline will result in users being unable to retrieve their assets on BEP2, with Binance disclaiming responsibility for any subsequent asset losses.
Enhancement of Ecosystem and Integration of New Technologies
The decision to close Binance’s BEP2 network aligns with the exchange's commitment to enhancing its ecosystem and seamlessly integrating new technologies. Binance is promoting the transition from BEP2 to BEP20 to enhance network interoperability, scalability, and overall user experience, while ensuring compliance with industry standards and best practices.
To foster transparency and provide users with real-time updates, Binance has introduced a tracker platform to monitor the status of projects’ binding and on-chain asset transfers. This platform will serve as a valuable resource for users and stakeholders, keeping them informed about their preferred projects’ progress and enabling them to take appropriate actions when necessary.
Joining Forces for a Smooth Transition
As the deadline for the BEP2 network shutdown approaches, Binance urges all BEP2 projects to prioritize the binding and asset transition process to mitigate potential risks and ensure a smooth transition for users. Stakeholders are encouraged to actively participate and collaborate to effectively manage this transition process and uphold the integrity and continuity of the Binance ecosystem.
