Crucial Update from Binance for the Cryptocurrency Community

Binance Announcement: B-Token Withdrawals Suspension

In an official blog post released Thursday, Binance announced that B-token withdrawals on the BNB Beacon Chain (BEP2) Network have been suspended with immediate effect. This is as the BNB Beacon Chain (BEP2) network sunsets in the next few months.

B-Tokens are Binance’s official name for a range of fully collateralized wrapped tokens that offer a transportable version of an original asset on a different blockchain.

Just like wrapped tokens on Ethereum, users can wrap Bitcoin and other cryptos for use on the BNB Chain. The Binance Bridge allows users to wrap crypto assets (BTC, ETH, XRP, USDT, BCH, DOT and many more) for use on the BNB Smart Chain in the form of BEP-20 tokens.

Impact on Withdrawals

This announcement regarding the halting of withdrawals only impacts B-tokens. Withdrawals for all other tokens will be supported until Feb. 21, 2024, at 11:59 p.m. (UTC). After this date, users may no longer be able to withdraw tokens.

Deposits and Continuation of Support

However, deposits of B-tokens and selected tokens on the BNB Beacon Chain (BEP2) network will continue to be supported until further notice.

Binance’s BNB Smart Chain developers plan to merge the dual BNB Beacon Chain (BEP-2) and BNB Smart Chain (BEP-20) chain structures into a single blockchain, unveiling a six-month plan in this regard in January.

Transition Plan

Users have been urged to deposit BEP2 Binance-pegged tokens (B-tokens) into their Binance accounts before the BEP2 network sunsets. These tokens will be credited, and users can then withdraw them via its native chain or other chains supported by Binance.

Binance says it is proactively working with all listed projects that have tokens deployed on the BEP2 network to ensure a smooth transition for their token holders.