One of the biggest cryptocurrency exchanges in the world, Binance, recently released a statement stating that it will support the Merit Circle token swap, redenomination, and branding to Beam (BEAMX). As a result of the approval of the MIP-28 and MIP-23 tokens, Binance intends to migrate the Merit Circle Token to BEAMX.

The DAO launched the initiative with the goal of bringing the Merit Circle Ecosystem’s present practices and activities into conformity. The MC token is scheduled to migrate to BEAM on October 26, 2023.

As of this writing, the company has informed its users that starting on November 7, 2023, at 03:30 (UTC), deposits and withdrawals involving the MC (ERC20 and BEP20) token will be halted.

Additionally, Binance advised its users to make sure they allow enough time for their MC deposits to be entirely processed before this time.

Binance’s Statement Regarding the Merit Circle Token Exchange

Binance Intends to Migrate Merit Circle Token (ERC20 and BEP20) to BEAMX

According to the exchange, users will soon be informed as new developments are made, and the project is completed, unlatching the deposits and withdrawals related to BEAMX (ERC20 and BEP20). The deposits and withdrawals involving MC tokens will be permanently halted once the project is finished. The swap ratio that applies to all MC tokens is One MC token for every 100 BEAMX tokens.

On November 7, 2023, at 03:00 UTC, Binance will delist all current MC spot trading pairs (MC/BTC and MC/USDT) and cancel all pending MC spot trade orders.

Additionally, the company asserts that all trading bot services for the specified spot trading pairs will end at the same time and date. On November 14, 2023, at 8:00 UTC, trading for the BEAMX/USDT spot trading pair would be unbolted.

What’s Next on Binance?

Binance Intends to Migrate Merit Circle Token (ERC20 and BEP20) to BEAMX

On October 26 at 06:00 UTC, the company intends to stop offering MC/USDT cross-margin borrowing in addition to MC/BTC and MC/USDT isolated margin borrowing. The company will close all user positions, perform automatic settlement, and cancel all pending orders on the MC/BTC and MC/USDT cross and isolated margin pairs on November 2 at 06:00 UTC.

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.

In conclusion, Binance’s facilitation of the Merit Circle token swap to BEAMX is a noteworthy development for its ecosystem, Merit Circle, BEAMX, and the cryptocurrency world at large. It demonstrates the exchange’s commitment to providing a platform for users to participate in token swaps and conversions.

This platform enables them to take advantage of new opportunities in the evolving crypto landscape. Such initiatives reflect the dynamic nature of the crypto market and the continuous efforts by exchanges to support users in managing their digital assets efficiently.