- Binance halts MATIC trading on September 10 for the swap to POL tokens at a 1:1 ratio.
- POL trading pairs launch September 13, while MATIC withdrawals end post-swap.
- Binance suspends MATIC margin trading and loans; users must close positions by early September.
Binance has announced plans to support the upcoming swap from Polygon (MATIC) to Polygon (POL) tokens throughout September 2024.
The exchange will halt all MATIC trading activities, including spot trading pairs and margin trading, as it transitions to the new POL tokens at a 1:1 ratio. This move comes amid significant changes within the Polygon network as it shifts to the new POL token standard.
According to Binance, all MATIC spot trading pairs, including MATIC/BNB, MATIC/BTC, and MATIC/USDT, will be delisted on September 10, 2024, at 03:00 UTC. This will include canceling all open trading orders and terminating Trading Bots services linked to these pairs.
Following this, trading for POL token pairs will commence on September 13, 2024, at 10:00 UTC. Binance will handle all technical requirements during the swap to ensure a seamless transition for users, although the exact timing for the resumption of POL deposits and withdrawals remains unspecified.
To facilitate the transition, Binance will suspend MATIC deposits and withdrawals starting September 10, 2024, at 03:30 UTC. Users are advised to complete any pending deposits before this time, as MATIC withdrawals will no longer be supported post-swap.
Additionally, margin trading for MATIC will be suspended. Isolated margin borrowings will end on September 2, 2024, and MATIC pairs will be completely removed from both Cross and Isolated Margin on September 5, 2024, at 11:00 UTC.
Users holding MATIC are encouraged to transfer their holdings to Spot Wallets to avoid any complications.
Binance will make further adjustments to its Futures and Loans services. Starting September 4, 2024, MATIC Futures contracts will close and settle automatically, with all positions delisted after settlement. Users are advised to close positions before the specified times to avoid automatic settlement.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
