Binance, one of the leading cryptocurrency exchanges, has recently implemented many important updates for its users. Now let’s look at these developments.
Lisk’s contract exchange took place on Binance
Binance has successfully completed the Lisk (LSK) contract swap. This marks the official migration of LSK tokens from the Lisk mainnet to the Ethereum (ERC20) network. Users holding LSK on Binance will now be able to enjoy the benefits of the Ethereum ecosystem, including potentially faster transactions and broader exchange compatibility. The important items are as follows:
- Exchange Rate: 1 old LSK token was exchanged for 1 new LSK token on the Ethereum network.
- Deposits and Withdrawals: Deposits and withdrawals for the new ERC20 LSK tokens are now available on Binance.
- Legacy LSK Support: Deposits and withdrawals of legacy LSK tokens to the Lisk mainnet are no longer supported. Users who have not yet initiated the exchange process can get their new LSK token deposit address via Binance.
Critical Türkiye announcement for USDC/TRY pair
Binance appeals to its Turkish user base by introducing a brand new USDC/TRY trading pair. This addition expands the trading options available on the Binance Spot platform, allowing users to trade the USDC stablecoin directly against the Turkish Lira (TRY). The launch, scheduled for May 29, 2024 at 11:00 UTC, will be accompanied by the activation of Spot Algo Orders and Trading Bots services for this specific pair.
Support for NEO network upgrade and hard fork
Binance is proactively supporting the upcoming network upgrade and hard fork for the Neo (NEO) Blockchain. To ensure a smooth user experience, the exchange will suspend deposits and withdrawals of all tokens on the Neo network starting May 27, 2024 at 08:00 UTC. The network upgrade and hard fork is expected to occur at block height 5,450,000.
- Suspension of Deposits and Withdrawals: This temporary measure is taken to protect user funds during the network upgrade.
- Trading Without Impact: Trading of NEO and other tokens on the Neo network will continue uninterrupted on Binance.
- Binance Handles the Technical Work: Users do not need to take any action. Binance will manage all technical aspects of the upgrade behind the scenes.
- Resumption of Deposits and Withdrawals: Once the upgraded network becomes stable, Binance will resume deposits and withdrawals for NEO tokens. There will be no separate announcement for reopening.
These updates from Binance demonstrate the platform’s commitment to continuous improvement and user experience. While the LSK contract swap paves the way for the integration of LSK with the Ethereum ecosystem, the USDC/TRY trading pair appeals specifically to Turkish users. Finally, Binance’s proactive approach to the Neo network upgrade ensures a smooth transition for its users.
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