Binance Migration Chain To BNB Smart Chain

BNB Banyak Chain will switch to BSC. (Photo; Doc. TheBrains)

JAKARTA - Binance has just released an important announcement that will have an impact on BNBbank Chain (BEP2) users. This is in accordance with the plan announced by the project team in January 2024, where the BNBbank Chain (BEP2) will be phased out in June 2024. This process is not a sudden termination, but a planned transition.

BNB Bantu Chain (BEP2) is one of the blockchains that formed the BNB Chain which functions to send and receive BNB coins. In addition, there are also tokens developed in this network called BEP2 tokens. Reportedly, this blockchain will be diverted to the BNB Smart Chain (BSC) network.

Based on information from U.Today, starting May 15, 2024, Binance began to migrate assets from BNB Banyak Chain (BEP2) to BNB Smart Chain (BSC). This migration process will last for several weeks and is expected to be completed in June 2024.

Additional information, BNB Smart Chain (BSC) is a blockchain platform that allows the development of decentralized applications (DApps) and smart contracts. In other words, BSC is like a large operating system where developers can build and run their own programs that can perform various functions automatically without the need for human intervention.

In order to stop the operation of BNBbank Chain (BEP2), Binance will stop processing deposit requests for all BEP2 tokens, except for the BEP2 token pegged by Binance (B-tokens), starting May 15, 2024 at 12.00 a.m. (UTC).

Users are highly recommended to immediately deposit the BEP2 B-tokens to their Binance account before terminating the BEP2 network in June 2024. Credited B-tokens to Binance accounts can be withdrawn via the original network or other networks supported by Binance.

Prior to the full shutdown in June, efforts were made to bind all BEP2 and BEP8 assets to the BNB Smart Chain (BSC), allowing users to make cross-border withdrawals of their assets.

According to previous announcements, the asset binding and migration process will become unavailable following the shutdown of the BEP2 network in June 2024. Users holding BEP2 tokens that are not bound to the BEP20 network may not be able to recover their BEP2 assets and could suffer losses if they do not migrate before the deadline.

As an important step in June, Binance will release the CLI token migration application (Command Line Interface). This tool is designed to help users collect funds that are still on the Chain peninsula.

This announcement is important for all BNB Chain users to immediately take the necessary action to avoid losses and ensure a smooth transition to the BNB Smart Chain.