Binance Supports Kaia (KLAY) Transition to New KAIA Token

Binance, one of the leading cryptocurrency exchanges, has declared its backing for the rebranding of the Kaia (KLAY) token to Kaia (KAIA), as detailed in an official statement on their website. This change will involve multiple updates to trading pairs, deposits, and withdrawals, set to go live on October 28, 2024.

Delisting of KLAY Trading Pairs

Effective October 28, 2024, at 03:00 UTC, Binance will remove all existing KLAY spot trading pairs, such as KLAY/BTC and KLAY/USDT, and will terminate all open KLAY spot trading orders. This action is part of the exchange’s initiative to facilitate the rebranding process. Following this, trading for the new KAIA/USDT pair will commence on October 31, 2024, at 08:00 UTC.

Impact on Deposits and Withdrawals

The rebranding will also impact deposits and withdrawals of the KLAY token. From October 28, 2024, at 03:30 UTC, all KLAY deposits and withdrawals will be put on hold. Users are encouraged to ensure their KLAY deposits are completed prior to this deadline. Deposits for the new KAIA token will begin on October 31, 2024, at 07:00 UTC, with another announcement to follow regarding the reopening of KAIA withdrawals.

Changes in Margin and Futures Trading

Binance has specified particular adjustments for margin and futures trading concerning the KLAY token. On October 18, 2024, at 06:00 UTC, the platform will halt isolated and cross-margin borrowings for KLAY. Automatic settlements and delistings of associated pairs will be carried out on October 23, 2024. Furthermore, Binance Futures will close all positions on KLAYUSDT USDⓈ-M Perpetual Contracts on October 22, 2024, at 09:00 UTC, followed by the delisting of these contracts.

Guidance for Users

Users involved in trading or holding KLAY are advised to either close their positions or update their trading bots to mitigate potential losses. Binance will manage the technical aspects of the transition automatically to ensure a streamlined process for its users. The exchange also recommends users check the project team’s announcement for additional details on the transition process.

For more information, visit the official Binance announcement.

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