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Binance completes BNB mainnet swap, burns 5 million ERC20 tokens

Larry Cermak
Binance announced that it has completed Binance Coin (BNB) mainnet swap meaning that the users can now deposit and withdraw the BNB tokens that exist natively on Binance Chain.The post Binance completes BNB mainnet swap, burns 5 million ERC20 tokens appeared first on The Block.

Binance announced that it has completed Binance Coin (BNB) mainnet swap meaning that the users can now deposit and withdraw the BNB tokens that exist natively on Binance Chain. Earlier today, Binance burned 5 million ERC20 tokens and allocated BEP2 (native) BNB tokens to its wallets.

Binance will continue to support the deposit of ERC20 BNB to let users convert to BEP2 for the foreseeable future but encourages to convert within 90 days (until mid-July). As more users convert their ERC20 tokens to BEP2, more BEP2 will be released and the same amount of ERC20 BNB will be burned. Binance will no longer support the withdrawal of ERC20 BNB starting from April 23rd, 2019.