The difference is that you’ll be able to move your BNB to a native Binance Chain address similar to how you could withdraw BNB to your Ethereum address prior to Binance announcing the launch of their own chain. If you keep your BNB in your account, you have nothing to worry about as far as the Binance Chain swap goes. So is not going black/shutting down, it will still operate like it is today. They will be introducing a DEX, similar to IDEX, that users can plug their Binance address into and trade without an email/password like the centralized Binance exchange. If you were using IDEX and the website just went black, you could log-in to MetaMask using your private key and still access your funds which reside in the Ethereum address you generated/have the private key to.īinance is already a centralized exchange. So, if Binance shuts down/disappears, you cannot access your funds because you don’t have the private key to Ethereum address Binance generated for you. The DEX is a different version of the exchange that shifts more of the risk/responsibility of protecting assets to the user as opposed to trusting Binance with holding your funds.Įthereum trades across a bunch of different centralized exchanges, but there are also decentralized exchanges (DEX) like IDEX where you can plug-in an address that you generated and hold the private key to instead of trading it on Binance using an Ethereum wallet address that only Binance controls the private key to. I wasn’t aware the ticker was being changed, but maybe that’s just for the Binance Chain version of BNB?Įither way, is definitely not going dark for the launch of the DEX. HW wallet support - I see Ledger support for the StdTx type, but will they support any of the dex transactions? Will binance offer a PR to Trezor as they have for Ledger? Trading on - Will I still be able to trade on during the "conversion period"? If so, how will trades happen since BNB will be no longer be supported once the "conversion period" starts? How long do I have to get my BTC off of ? When will go dark? I know the "period" begins on April 23rd, but when does it end?ī transition - Will go dark after the "conversion period" moving all traffic to wallets apps. ![]() ![]() Do I have to withdraw them before the end of the "conversion period". I'm yet to get a clear answer on a few questions.įrom the github repos they seem to refer to BNB-BEP2 (binance chain coin) as "BNC" and BNB-ERC20 (legacy binance coin) as "BNB".īNC custodianship - If I'm holding BNB in my wallet, then it sounds like they will be converted to BNC, but how long will allow me to hold BNC. So I've looked at launch and swap information, Binance Chain Mainnet Swap information, Binance Chain docs, and the transaction types.
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