Binance has made a crucial announcement that carries significant implications for users of the BNB Beacon Chain (BEP2). Building upon earlier projections outlined by the project team in January 2024, Binance will initiate the phase-out process of BNB Beacon Chain (BEP2) by June 2024. This strategic sunset plan is designed to facilitate a smooth and carefully managed transition for all stakeholders involved.

Effective immediately, Binance has disclosed its plans to commence the migration of assets from BNB Beacon Chain (BEP2) to BNB Smart Chain (BSC), with the process set in motion on May 15. The migration endeavor will unfold gradually over the coming weeks, with the ultimate goal of completion by June 2024.

With the impending sunset of BNB Beacon Chain (BEP2), Binance has outlined a timeline for the cessation of deposit processing for all BEP2 tokens, excluding BEP2 Binance-pegged tokens (B-tokens), effective May 15, 2024, at 12:00 a.m. (UTC). To mitigate potential disruptions, users are strongly urged to deposit BEP2 B-tokens into their Binance accounts before the scheduled sunset of the BEP2 network in June 2024. Subsequently, B-tokens credited to Binance accounts will remain accessible for withdrawal via the native network or other supported networks facilitated by Binance.

In anticipation of the completion of the sunset process in June, concerted efforts are underway to bind all BEP2 and BEP8 assets to the BNB Smart Chain (BSC), enabling users to execute cross-chain withdrawals seamlessly. It's imperative to note that once the BEP2 network sunset is finalized in June 2024, the binding and asset migration procedures will cease. Users holding BEP2 tokens not bound to the BEP20 network risk the inability to recover their assets post-sunset, potentially resulting in losses if action is not taken before the designated deadline.

A pivotal milestone on the horizon is the release of a Command Line Interface (CLI) token migration application slated for June. This tool aims to streamline the retrieval process for funds remaining on the Beacon Chain, marking a significant progression in the project's roadmap. #BNB