Dear user:
Binance will support the Galxe (GAL) token swap, increment and brand upgrade plan to Gravity (G).
Binance will stop trading and delist all existing GAL spot trading pairs (GAL/BTC, GAL/USDT, and GAL/TRY) at 11:00 a.m. ET on July 15, 2024, and will automatically cancel all pending orders.
Binance will open G/USDT and G/TRY spot trading at 16:00 (ET) on July 19, 2024.
General
Deposit and Withdrawal
Binance will suspend the deposit and withdrawal of GAL tokens at 11:30 (ET) on July 15, 2024. Note: GAL tokens deposited after this time will not be credited to your account, please deposit in advance;
Binance will announce the opening time of G token deposit and withdrawal after the token swap, increase and brand upgrade are completed;
After the token swap, increase and brand upgrade are completed, Binance will no longer support the withdrawal of GAL tokens.
Binance will assist users who hold GAL tokens in their Binance accounts with any technical issues involved;
Users can refer to the project announcement for more information.
Token swap and increase
Binance will use G as the GAL token code;
All GAL tokens will be exchanged for G tokens at a ratio of 1 GAL = 60 G.
Spot goods
Binance will stop trading and delist all existing GAL spot trading pairs at 11:00 (ET) on July 15, 2024.
The trading pairs that will be removed are GAL/BTC, GAL/USDT and GAL/TRY;
After each trading pair stops trading, all pending orders will be automatically cancelled;
Binance will terminate the trading robot service for the above spot trading pairs (if applicable) at 11:00 (ET) on July 15, 2024. Users are strongly recommended to update and/or cancel the trading robot before the above trading robot service is terminated to avoid any potential losses;
Binance Spot Copy Trading will delist the above spot trading pairs at 11:00 (ET) on July 14, 2024. After that, any outstanding spot trading pairs will be forced to sell at market prices. Users are strongly recommended to update or cancel their spot copy trading portfolio before 11:00 (ET) on July 14, 2024 to avoid potential losses;
Binance will open G/USDT and G/TRY spot trading at 16:00 (ET) on July 19, 2024.
contract
Binance Futures will automatically liquidate GALUSDT U-margined Perpetual Contracts at 17:00 (ET) on July 11, 2024, and delist GALUSDT U-margined Perpetual Contracts trading pairs after liquidation. From 16:30 (ET) on July 11, 2024, users will not be able to add new positions in GALUSDT U-margined Perpetual Contracts;
In order to protect user rights and reduce potential risks in extreme market conditions, Binance Futures may take additional protective measures for GALUSDT U-margin perpetual contracts without further announcement. Potential protective measures include but are not limited to adjusting leverage and margin (including the maximum leverage multiples, position limits, and maintenance margin rates for each level), adjusting funding rates (including base interest rates, premium indexes, and rate caps), changing price index components, or using the "latest transaction price protection mechanism" to update the mark price. The time of re-launch will be notified separately;
Starting from 17:00 (ET) on July 11, 2024, the Binance Funding Rate Arbitrage Robot will close all arbitrage strategies for GALUSDT trading pairs and perform automatic settlement.
lever
Binance Leverage will suspend GAL/USDT cross margin and GAL/USDT isolated margin trading pairs at 20:00 (ET) on July 11, 2024.
Binance Leverage will suspend isolated margin lending for the above-mentioned pairs at 14:00 (ET) on July 8, 2024.
Binance Margin will automatically close and liquidate all cross-margin and isolated margin positions of the above-mentioned pairs at 20:00 (ET) on July 11, 2024, and cancel all pending orders of users on the above-mentioned trading pairs. After that, the above-mentioned trading pairs will be removed from the Margin platform.
During the delisting process, users will not be able to update their positions. It is strongly recommended that users close their positions and/or transfer assets from their margin wallets to their spot wallets before the above trading pairs are delisted, i.e. before 20:00 (ET) on July 11, 2024. Binance will not be responsible for any potential losses.
It is recommended that users of Binance unified accounts transfer the above tokens from their margin accounts to their spot accounts and replenish their margin balances (if applicable) before 20:00 (ET) on July 11, 2024. Users should closely monitor the maintenance margin ratio (Uni-MMR) of their unified accounts to avoid any potential liquidations that may result from the removal of GAL from their margin wallets;
Starting from 20:00 on July 11, 2024 (GMT+8), users who enable the unified account mode will have their GAL balance in their full-margin leverage wallet automatically converted to USDT. The conversion process will take about 24 hours or longer. Binance will not be responsible for any losses that may occur from new positions opened during the asset conversion process. For more information, please refer to the FAQ;
The time of re-launch will be announced separately.
Pledged currency
Binance pledged loans (current and fixed rates) and VIP loans will remove GAL from the loanable and collateralized currencies starting at 11:00 (ET) on July 11, 2024, and automatically close and liquidate outstanding orders of the above currencies as loan or collateral currencies. Users are strongly recommended to repay the loans before 11:00 (ET) on July 11, 2024 to avoid potential losses;
Please refer to Binance Staking (Surging and Fixed Rates) and Binance VIP Loan FAQs for more information. Please refer to Binance Staking and VIP Loan Terms and Conditions for more details.
Financial Management
Binance Earn will stop providing GAL current and fixed deposit products at 11:00 on July 12, 2024 (GMT+8), and users will no longer be able to subscribe.
The GAL current or fixed-term product positions held by users on the Binance Guaranteed Earning Coin platform will be automatically redeemed after 11:00 (ET) on July 12, 2024 and returned to the user's spot wallet together with the accumulated rewards;
After the token swap is completed, Binance Earn will assist users in purchasing G-current products of corresponding positions according to the above swap ratio;
Users can also choose to redeem their GAL assets from the current or fixed-term products before 11:00 on July 12, 2024 (GMT+8).
Binance Payment
Binance Payment will remove GAL at 11:00 (ET) on July 15, 2024.
gift card
Binance will stop supporting GAL gift card creation at 11:00 AM (ET) on July 15, 2024.
Users can redeem GAL gift cards before 11:00 (ET) on July 15, 2024, but the GAL tokens redeemed by users may be automatically replaced with new G tokens;
After 11:00 (ET) on July 15, 2024, all unredeemed GAL gift cards will be automatically replaced with new G tokens.
Instant Exchange
The above tokens will be available for sale only on Binance Flash Exchange from 11:00 (ET) on July 11, 2024 to 10:00 (ET) on July 15, 2024. Binance Flash Exchange will delist the above tokens and all related trading pairs at 10:00 (ET) on July 15, 2024.
Fixed investment
Binance will remove GAL at 11:00 (ET) on July 9, 2024. Users can choose to cancel the plan early. Otherwise, the next cycle of the token will fail.
One-click buying and selling of coins
Binance will remove GAL and all related trading pairs from the one-click buy & sell exchange at 11:00 AM (ET) on July 11, 2024.
Note: There may be discrepancies between the original English version and the translated version. If there are any discrepancies, please refer to the original English version for the latest or most accurate information.
Thank you for your support!
Binance Team
July 05, 2024
Note: This announcement was updated on July 5, 2024 to clarify that GAL current or fixed-term product positions held by users on Binance’s principal-guaranteed earning platform will be automatically redeemed and returned to the user’s spot wallet along with the accumulated rewards.
