Binance Supports Merit Circle Token Migration to BEAMX

Binance, the largest cryptocurrency exchange in the world, intends to support the Merit Circle token swap, redenomination, and rebranding to Beam (BEAMX), according to a recent statement.

The proposal to migrate MC to BEAM follows the approval of the MIP-28 and MIP-23 token specifications. The DAO started the project, which aims to align current practices and procedures within the Merit Circle Ecosystem.

The migration of the MC token to BEAM is scheduled for October 26, 2023. As of this writing, the company informed its customers that MC (ERC20 and BEP20) token deposits and withdrawals will be suspended on November 7, 2023, at 03:30 (UTC).

In addition, Binance urged its users to leave sufficient time for their Mastercard deposits to be completely processed before this time.

As specified by the exchange, users will shortly be notified when additional progress is made and the project concludes, allowing BEAMX (ERC20 and BEP20) deposits and withdrawals.

As the initiative concludes, MC token deposits and withdrawals will be permanently suspended. The exchange rate between MC tokens and BEAMX is 1 MC = 100 BEAMX.

Binance intends to delist all extant MC spot trading pairs (MC/BTC and MC/USDT) and cancel all pending MC spot trade orders on November 7, 2023, at 3:00 UTC.

In addition, the company asserts that it will discontinue all trading automation services for the aforementioned spot trading pairs at the same time and date.

The BEAMX/USDT spot trading pair will become unbolted on November 14, 2023, at 08:00 (UTC). On October 26 at 06:00 (UTC), the company intends to suspend MC/USDT cross-margin borrowing along with MC/BTC and MC/USDT isolated margin borrowing.

On November 2 at 06:00 UTC, the company will close all user positions, initiate automated settlement, and cancel all pending orders for the MC/BTC and MC/USD cross and isolated margin pairs.

Eventually, a distinct announcement will be made regarding the relisting of tokens.

In addition, Binance advises its classic portfolio margin users to transfer MC from their margin wallet to their spot wallet before November 2, 06:00 (UTC) and to replenish their margin balance if required.