Binance has officially confirmed its assistance in transitioning Orion (ORN) to Lumia (LUMIA) through a network upgrade. To facilitate this change, the exchange will remove ORN/BTC and ORN/USDT trading pairs on October 15, 2024, at 06:00 UTC. All existing ORN spot trading orders will be canceled, with trading set to resume under the new LUMIA/USDT pair on October 18, 2024, at 12:00 UTC.
How will deposits and withdrawals be managed?
On October 15, 2024, at 06:30 UTC, Binance will halt deposit and withdrawal services for ORN. Users are advised to finalize any ORN transactions before this deadline. LUMIA deposits will begin on October 18, 2024, at 11:00 UTC, rendering ORN withdrawals unsupported from that point onward.
Binance will handle the technical aspects of the transition and rebranding efforts, ensuring a smooth process. Notifications will be issued to inform users when LUMIA coin withdrawals commence. The total coin supply will see an increase from 92,631,255 ORN to 238,888,888 LUMIA.
What will happen to trading pairs and other services?
Following the transition, ORN will be traded as LUMIA, with a conversion rate of 1:1 for all ORN coins. On October 15, 2024, at 06:00 UTC, all ORN-related spot trading pairs will be eliminated, including ORN/BTC and ORN/USDT. Users should update or cancel their Trading Bot services accordingly.
Moreover, Binance Margin services for ORN will end on October 9, 2024, at 09:00 UTC. Users are advised to close margin positions or transfer assets to spot wallets. Binance will not be liable for any incurred losses during this phase.
The rebranding and transition will also extend to other Binance services like Simple Earn, Binance Loans, and Auto-Invest. LUMIA will be incorporated into these services from October 18, 2024, onwards.
This strategic transition aligns with Binance’s continuous efforts to adapt to the evolving cryptocurrency landscape, managing both technological and financial requirements efficiently while minimizing potential disruptions for its users.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
