Binance Facilitates Merit Circle Token Swap to BEAMX

According to a recent statement issued by Binance, one of the world’s largest cryptocurrency exchanges, the firm plans to prop up the Merit Circle token swap, redenomination, and rebranding to Beam (BEAMX). The plan to migrate MC to BEAM comes subsequently as a result of the approval of both MIP-28 and MIP-23 tokens.

Set in motion by the DAO, the project aims at aligning current activities and practices within the Merit Circle Ecosystem. The planned date for the migration of the MC token to BEAM is October 26, 2023.

As of writing, the firm notified its users that the deposits and withdrawals revolving around the MC (ERC20 and BEP20) token are to be suspended on November 7, 2023, at 03:30 (UTC). Moreover, Binance urged its users to ensure that they leave sufficient time for their MC deposits to be fully processed prior to this time.

Binance’s Announcement On Merit Circle Token Swap

As specified by the exchange, users would soon be notified as further advancements are made and the project finishes, unlatching the deposits and withdrawals revolving around BEAMX (ERC20 and BEP20). As the project concludes, the deposits and withdrawals orbiting MC tokens will be suspended permanently. The swapping ratio for all MC tokens into BEAMX is set at 1 MC = 100 BEAMX.

Binance plans to delist all existing MC spot trading pairs (MC/BTC and MC/USDT) while also canceling all impending MC spot trade orders as of November 7, 2023, at 03:00 (UTC). In addition to this, the organization claims to terminate all trading bot services for the aforestated spot trading pairs on the same date and time.

The trading for the BEAMX/USDT spot trading pair would be unbolted as of November 14, 2023, at 08:00 (UTC).

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What’s Next?

The firm plans to suspend MC/USDT cross-margin borrowing along with MC/BTC and MC/USDT isolated margin borrowing on October 26 at 06:00 (UTC). On November 2 at 06:00 UTC, the organization will close all users’ positions, run automatic settlement, and cancel all pending orders on the MC/BTC and MC/USDT cross and isolated margin pairs.

Eventually, a separate announcement regarding the relisting of tokens would be made.

Additionally, Binance advises its classic portfolio margin users to transfer MC from their Margin Wallet to Spot Wallet before November 2, 06:00 (UTC), and to top up their margin balance, if necessary.

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