Binance.US, the US-based collaborator of Binance, has announced support for the migration of Galxe’s GAL token to Gravity. As included in the token swap that Binance.US will perform on the users’ behalf, Galxe coins will be rebranded and redenominated to Gravity (G). Subsequently, the platform will issue the exclusive tokens at a conversion rate of one $GAL token to sixty $G tokens. The platform offered insights into this development in a thorough article on X.
Binance.US Supports the GAL Token’s Migration to G Coin
The platform disclosed to soon suspend the OTC trading as well as the conversion, purchasing, and selling of GAL tokens. In this respect, it will execute this action on the 5th of August. Following that on the 6th, the firm will also suspend the GAL token’s trading while removing the trading pair GAL/USDT. In addition to this, it will also automatically cancel the Advanced Trading orders.
On the 6th of August, Binance.US will permanently close the withdrawals and deposits for GAL across the supported networks (including BEP20 and ERC20). Moreover, the company will not credit the deposits concerning GAL to the accounts of the users after the respective time. Hence, the consumers will lose such deposits. Following the migration of GAL to G, Binance.US will tackle the technical requirements.
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Additionally, it will issue G tokens to those holding GAL at the above-mentioned rate. Apart from that, it will update the respective announcement after the completion of the token swap, redenomination, as well as rebranding. The platform moved on to reveal all the activities dealing with conversion, buying, selling, OTC trading, and normal trading for the GAL coin. This development comes shortly after the token migration GAL to G by Binance.
The Platform Advises Users Not to Deposit G Coins Until the Official Opening of the Deposits
A few days back, Binance accomplished token swap, rebranding, as well as redenomination to G, offering it for trading. In this respect, it additionally started spot trading for 2 pairs including G/TRY and G/USDT. The crypto exchange also permitted the consumers having active Spot Copy Trading portfolios to add the aforementioned pairs. Currently, Binance.US has advised users not to deposit G tokens to its platform until the official opening of the deposits.