Binance, one of the world’s leading cryptocurrency exchanges, recently made two important announcements regarding trading pairs and token swapping. These updates will affect traders and users with Airswap (AST), Status (SNT), and Cocos-BCX (COCOS) tokens. Here are the details of the announcements…
Binance lists new trading pairs: AST/USDT and SNT/USDT
Binance will start trading for AST/USDT and SNT/USDT trading pairs starting May 19, 2023 at 11:00 am. This move aims to provide more trading opportunities and liquidity for users interested in these cryptoassets. In addition, Binance Spot Grid, a trading feature, will activate within 48 hours of the trading start time for trading pairs AST/USDT and SNT/USDT. Traders have the opportunity to use this feature for their advanced trading strategies.
The exchange supports the exchange from COCOS to COMBO
Binance will also support the token swap and rebranding scheme for the conversion of the Cocos-BCX (COCOS) token to COMBO (COMBO). The token swap process will begin and all COCOS balances will be taken back by Binance. Then, eligible users will receive COMBO tokens at the rate of 1 COCOS = 1 COMBO. This exchange aims to improve the branding and overall ecosystem of the project.
Binance’s derivatives trading platform, Binance Futures, will make adjustments to the USDT-Margined COCOS perpetual futures contract. From May 25, 2023 at 11:30 am, trading will be suspended for the USDT-Margined COCOS perpetual futures contract. Users will have the opportunity to close their current positions after this time.
Prior to the suspension, Binance Futures will adjust the leverage and margin tiers for the USDT-Margined COCOS perpetual futures contract on May 18, 2023 at 12:00 CEST. Traders who opened positions prior to this update should try to adjust their positions and leverage to avoid potential liquidation risks.
How is COCOS trading affected?
Various changes will take place regarding COCOS trading and services across various Binance platforms. First of all, COCOS/USDT cross and isolated margin borrowing will be suspended on May 19, 2023 at 11:00 am. At 11:00 am on May 25, 2023, Binance will perform an automatic settlement, which will close users’ positions. Then COCOS/USDT will cancel all pending orders on cross and isolated margin pairs. COCOS assets held in cross margin and isolated margin accounts can be sold if there are outstanding loans. Pairs will then be subtracted from the cross margin and isolated margin.
Binance Simple Earn will end its support for COCOS Flexible and Locked Items on May 26, 2023 at 11 pm. Existing subscriptions will be automatically redeemed and credited to users’ spot wallets before 09:00 on May 29, 2023. Spot trading will end on May 29, 2023 at 11:00 CEST. Binance stated that it will issue a separate announcement to provide more details regarding the opening of deposits and withdrawals for COMBO (COMBO) once the token swap is complete.
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