- After endorsing specific governance proposals, Binance endorses the Merit Circle token transition, facilitating a switch to the Beam (BEAMX) token.
- The change is part of a strategy to refine operations within the Merit Circle Ecosystem, with the switch scheduled for October 26, 2023.
- Deposits and withdrawals of the current MC tokens are set to pause on November 7, 2023, necessitating users to complete transactions before this cut-off.
Binance, a major player in the global cryptocurrency market, recently announced its support for the upcoming Merit Circle token transition. This significant shift involves a token swap, redenomination, and rebranding to Beam (BEAMX), following the approval of MIP-28 and MIP-23 tokens.
This initiative, driven by the DAO, seeks to streamline operations within the Merit Circle Ecosystem. The migration from MC token to BEAM is scheduled for October 26, 2023. Binance has informed users that deposits and withdrawals of MC tokens, both ERC20 and BEP20 versions, will halt on November 7, 2023, at 03:30 (UTC). Therefore, users must allocate enough time for their MC deposits to be completed before this deadline.
Significantly, Binance will update users on the next phases of the project, which will introduce BEAMX transactions. After the project’s conclusion, MC token transactions will cease indefinitely. The swap ratio, established at 1 MC to 100 BEAMX, is an important detail for token holders.
Moreover, the exchange intends to remove all MC spot trading pairs, specifically MC/BTC and MC/USDT, from its platform. It will also annul all related trading orders as of November 7, 2023, at 03:00 (UTC). In line with this, Binance will simultaneously disable trading bot services for these pairs.
Trading opportunities for the BEAMX/USDT spot trading pair will emerge, with Binance opening this function on November 14, 2023, at 08:00 (UTC). This development coincides with the suspension of MC/USDT cross-margin and isolated margin borrowing for MC/BTC and MC/USDT, effective October 26.
In preparation for these changes, Binance has set November 2 as the deadline for automatic settlements and the cancellation of pending orders for affected margin pairs. Users are encouraged to shift their MC holdings from their Margin Wallet to their Spot Wallet before this date and ensure sufficient margin balances.
The conclusion of these activities will lead to a new phase, with further announcements expected regarding the relisting of tokens. This step is crucial as it marks the continuation of trading activities under the new token, ensuring a seamless transition for all parties involved.
By taking these measures, Binance reaffirms its commitment to providing a robust trading environment, adapting to changes within the cryptocurrency ecosystem, and addressing the evolving needs of its global user base. This strategic move also underscores the exchange’s responsiveness to market developments and community-driven initiatives.
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