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Binance adds altcoin, price reacts!

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Binance announces support for Cocos-BCX (COCOS) rebranding.

Binance, the biggest cryptocurrency exchange globally, is making more altcoin announcements. Along with removing certain altcoins from its platform, Binance is also adding new altcoins and providing support for the rebranding of other altcoins.

In a recent update, Binance has announced its support for the altcoin called Cocos-BCX (COCOS) as it undergoes a revaluation and rebranding process.

Binance has declared its backing for the altcoin known as Cocos-BCX (COCOS) as it undergoes a rebranding to become Combo (COMBO). The exchange made the following statements regarding this change:

    • Starting from 08:30 UTC on 25th May 2023, Binance Futures will temporarily stop trading the USDT Collateralized COCOS Perpetual Contract.
    • On 18th May 2023 at 09:00 UTC, Binance Futures will make adjustments to leverage and margin tiers for the USDT-Margined COCOS Perpetual Contract.
    • Existing positions opened before the update will be affected.
    • At 09:00 UTC on 25th May 2023, Binance Futures will close all positions, perform automatic payments, and cancel pending orders for the USDT Collateralized COCOS Perpetual Contract. The contract will be removed from the list after the payment process is complete.

  • Users are advised to close any open positions before 09:00 UTC on 25th May 2023 to avoid automatic deductions.
  • COCOS/USDT cross and isolated margin borrowing will be temporarily suspended on 19th May 2023 at 08:00 UTC.
  • On 29th May 2023 at 08:00 UTC, Binance will delist all existing COCOS spot trading pairs (such as COCOS/USDT, COCOS/BUSD, COCOS/BNB, and COCOS/TRY) and cancel any pending COCOS spot trading orders.

Image source: .bitcoinsistemi

Binance has announced its support for the rebranding of COCOS to COMBO. Here are the key points from their statement:

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Binance will retrieve all Cocos-BCX (COCOS) balances and start distributing COMBO (COMBO) to eligible users. The distribution will be done at a conversion rate of 1 COCOS to 1 COMBO.

Starting from 02.06.2023 at 08:00 UTC, trading will commence for COMBO/USDT, COMBO/BNB, and COMBO/TRY spot trading pairs.

After the token swap is finished, Binance will provide a separate update to let users know when they can begin making deposits and withdrawals for COMBO (COMBO).

It’s important to know that you won’t be able to deposit or withdraw COMBO (COMBO) using the BNB Chain of Signs (BEP2).

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.

Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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