Binance Chain Guide

*Update: Added information about Binance Chain Memos and new withdraw panel

Binance just launched the Mainnet for Binance Chain – and there are significant changes such as a “BNB token swap” that you MUST know about. The Binance Token (BNB) will no longer be on the ethereum chain (ERC-20 Token), instead it will be fully migrated to Binance chain (BEP-2). This means if you hold BNB on an ethereum wallet, you must pay special attention or you might accidentally send it to the wrong address.

Binance Dex with new BNB address
New BNB addresses are shown on Binance DEX

Read more about Binance and features in our Binance Exchange Review

Binance BNB Token Swap

Binance has started the token swap for $BNB tokens. In the future, BNB address will begin with “bnb……” format instead of the ethereum “0x…” address.

New BNB withdraw page uses the MEMO feature that is unique to Binance Chain
  • BNB kept on will automatically be swapped – no manual operation required. The new withdraw page will automatically use the Binance Chain address.
  • To deposit Ethereum based tokens based on the ERC-20 standard, $BNB tokens can be sent to the Ethereum deposit address on the Exchange.
Old ERC20 Binance BNB tokens can be deposited in “Ethereum” address for converstion

Once ERC20 BNB is deposited into the exchange, the token will be automatically swapped.

BNB Token Supply and Functionality

In terms of total supply, the amount of BNB remains the same. The initial supply of BNB will be 200,000,000 and 11,654,398 BNB will be burned on Binance Chain. Binance will burn ERC20 BNB tokens to keep the total supply constant as the token swap takes place

Binance DEX

Binance DEX has officially launched at This Decentralized Exchange is designed for advanced users who want to keep self-custody of their cryptocurrency assets (as opposed to centralized exchanges where funds are kept by exchanges).

Currently Binance DEX support their own token standard, the BEP2 token. For coins to be listed on the DEX, they need to be migrated to the Binance Chain. Whether coins are willing to migrate depends on what features they need:

  • Faster transactions – Accelerators and small number of Validators mean confirmation times are much faster
  • Centralized – Validators are pre-authorized and consensus is not open to general public
  • No smart contract support – Binance Chain is transaction only

Binance to Challenge Ethereum as top Token Issuance Platform?

With the introduction of the BEP2 token standard, Binance Chain can allow projects issue tokens via Initial Coin Offerings (ICO) or Initial Exchange Offerings (IEO). This feature allows BinanceChain to rival the ERC20 standard Ethereum which has been used by many popular projects such as Basic Attention Token (BAT) and OmiseGo (OMG). What sets BEP2 tokens apart is that it has a faster confirmation time and access to Binance DEX.

Whilst many have questioned if the success of Binance Chain would mean the demise of Ethereum, CEO Changpeng Zhao has denied this claim.

CEO Changpeng Zhao doesn’t see Binance Chain as a competitor to Ethereum

Currently Mithril (MITH) has chosen to migrate to be the first token to be migrated to the Binance Chain.

The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur. 
Disclosure: Authors are invested in cryptocurrency projects and have cryptocurrency holdings - including those covered on this website. 

I’m Michael Gu, Creator of Boxmining. I’ve been involved in the digital asset and Blockchain space since 2012. Something I immediately noticed was that accurate information is hard to come by in this space. More often than not, we find extremely biased information that exploits the complexity of blockchain to obscure facts. Having been around before bitcoin or blockchain was even “cool” meant that I had to do a lot of discovery myself, and along the way, I had many successes, but also made mistakes. I started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share my experiences. Being based in Asia, I also found a huge discrepancy between digital asset trends and knowledge gap in the West and China. So I leveraged my knowledge and positioning to bridge that information gap and let people know what is truly happening. This journey has been nothing short of exhilarating for me, starting from when I mined Bitcoin in grad school to appearing on China’s national television as an overseas expert on blockchain technology, and having the honour of interviewing leading crypto entrepreneurs, including Binance CEO Changpeng Zhao and FTX founder Sam Bankman-Fried.


  1. Hopefully you can help me out. I hold my BNB erc20 tokens on my ledger nano S and basically forgot about it. I have just learned that the BNB is no longer an ERC20 token and needed to have been converted to BEP20. Can I deposit my BNB erc20 tokens to BinanceUS and will it then be converted to BEP2?

    I am fairly new to this and any advise would be greatly appreciated

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