Binance Completes BNB Mainnet Swap, BNB Deposits and Withdrawals Now Open

Leading cryptocurrency exchange Binance has completed its Binance Coin (BNB) mainnet swap. Following the swap, the exchange has also opened BNB deposits and withdrawals again.

Earlier this morning, Binance CEO Changpeng Zhao (CZ) announced that the exchange has burnt 5 million ERC-20 BNB. Binance Coin is now following the Binance Chain-based BEP2 standard.

Users need to take note that the BNB deposit addresses will change after the mainnet swap. They can continue to deposit the original ERC-20-based BNB tokens in their ETH deposit address on Binance. The exchange will convert these ERC-20 BNB tokens to Binance Chain mainnet BNB tokens. Binance is encouraging users to complete these deposits within 90 days.

However, Binance will not support the withdrawal of ERC-20 BNB tokens starting today. Users can withdraw BNB using the official Binance Chain Web Wallet.

At the time of writing, Binance Coin was trading at $23.94, relatively stable over the last 24 hours.

(Image Credit: Binance | Twitter)

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