Binance, a leading cryptocurrency exchange worldwide, made a recent announcement regarding the transformation of the Merit Circle token. They revealed their intention to support this transition by converting it into Beam (BEAMX), in addition to implementing a redenomination and rebranding process. The approval of MIP-28 and MIP-23 tokens influenced the decision to switch from MC to BEAM.
The project initiated by the DAO aims to bring harmony to the various activities and practices within the Merit Circle Ecosystem. A significant milestone in this endeavor is the scheduled transition of the MC token to BEAM on Oct 26, 2023.
Currently, the company has notified its users that, starting Nov 7, 2023, at 03:30 (UTC), deposits and withdrawals involving the MC token (ERC20 and BEP20) will be temporarily suspended. Additionally, Binance recommends its users allocate sufficient time for their MC deposits to be processed before this deadline.
Users will receive updates from the exchange as the project progresses and nears completion, following the instructions provided. These updates will enable deposits and withdrawals on BEAMX (ERC20 and BEP20).
However, once the project concludes, deposits and withdrawals involving MC tokens will no longer be available. The exchange has fixed the conversion rate for MC tokens to BEAMX at 1 MC = 100 BEAMX.
Future Token Relisting Plans & Binance User Advisory
Binance has announced that it will delist all current MC spot trading pairs (MC/BTC and MC/USDT) on Nov 7, 2023, at 03:00 (UTC). This decision also entails the cancellation of any pending MC spot trade orders.
Additionally, the company plans to discontinue all trading bot services related to these specific spot trading pairs at the same date and time. Trading for the BEAMX/USDT spot trading pair will be unlocked on Nov 14, 2023, at 08:00 (UTC).
The company plans to decrease cross-margin borrowing for MC/USDT and isolated margin borrowing for MC/BTC and MC/USDT at 06:00 (UTC) on Oct 26. Following that, at 06:00 (UTC) on Nove 2, the organization will liquidate all user positions, initiate automatic settlement, and cancel any remaining orders for the MC/BTC and MC/USDT cross and isolated margin pairs.
In due time, a clear announcement will be made regarding relisting tokens. Binance advises its classic portfolio margin users to transfer MC from their Margin Wallet to the Spot Wallet before Nov 2 at 06:00 (UTC) and replenish their margin balance if necessary.
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