Binance will enable MATIC to POL token swap in September 2024, ending all MATIC trade and converting to POL at a 1:1 ratio.
Binance has announced its support for the upcoming token swap of Polygon (MATIC) to Polygon (POL), with plans to implement the changes throughout September 2024.
This update is part of the larger transition within the Polygon network from MATIC to the new POL token. Despite the news, the price of POL remains down by a significant margin.
Binance Announces Support for MATIC to POL Token Swap
According to a press release, Binance will remove all MATIC spot trading pairs on September 10, 2024, at 03:00 UTC.
This includes pairs like MATIC/BNB, MATIC/BTC, and MATIC/USDT.
After delisting, all MATIC trading orders will be canceled, and Binance will stop its Trading Bots services associated with these pairs.
As a result, users are advised to cancel or modify their Trading Bots to avoid potential losses.
Following this, trading for the new POL token pairs will begin on September 13, 2024, at 10:00 UTC.
Binance will manage all technical aspects of the swap, converting all MATIC tokens to POL on a 1:1 basis, ensuring a smooth transition for users.
However, the exact timing for when POL deposits and withdrawals will resume has not yet been announced.
Security issues have emerged as the Polygon network gears up for this significant token swap.
Recently, the official Polygon community Discord channel was compromised, raising user concerns.
Hackers gained control of the channel and promoted phishing links, attempting to exploit the upcoming migration from MATIC to POL.
Suspension of Deposits, Withdrawals, and Margin Trading
To facilitate the transition, Binance will suspend MATIC deposits and withdrawals starting on September 10, 2024, at 03:30 UTC.
Users are encouraged to complete any pending deposits before this time.
After the swap is complete, MATIC withdrawals will no longer be supported on the platform.
Margin trading for MATIC will also be impacted, with the suspension of isolated margin borrowings set for September 2.
Furthermore, the complete removal of MATIC pairs from both Cross and Isolated Margin is scheduled for September 5, 2024, at 11:00 UTC.
Binance Margin will automatically settle and close all positions, converting any remaining MATIC balances into other stable assets as necessary.
Users are advised to move their MATIC holdings to Spot Wallets to avoid any issues during the delisting process.
Additionally, the exchange will make adjustments to its Futures and Loans services.
MATIC Futures contracts will automatically close and settle starting September 4, with all positions being delisted after settlement.
Users holding MATIC positions are encouraged to close them before the specified times to avoid automatic settlement.
Furthermore, Binance Loans will close all outstanding MATIC loan positions on September 4, at 03:00 UTC.
Users are urged to repay any outstanding loans to prevent losses during the transition. The platform will no longer support new MATIC loan applications, in line with the broader shift to POL.
MATIC Price Rally Amid Market Activity
Despite Binance’s support, Polygon has been one of the networks experiencing a decline since the broader crypto market pullback began in March.
However, on-chain data suggests that a MATIC reversal might be imminent. This aligns with an increase in active addresses and movements of dormant coins, which are indicators of a potential price turnaround.
According to Santiment, the number of active addresses has reached the second highest level of the year, with whale movements amounting to around $69 billion.
Market analysts closely monitor MATIC’s price action as it trades near key technical levels.
