Caros Binancers,
Binance will support the swap, rebrand, and redenomination of the Galxe (GAL) token to Gravity (G).
On 7/15/2024 at 00:00 (UTC), Binance will remove all existing GAL spot trading pairs (i.e. GAL/BTC, GAL/USDT, and GAL/TRY) and cancel all spot trading orders of pending GALs. On 07/19/2024 at 05:00 (BRT), Binance will make trading available for G/USDT and G/TRY pairs.
General
Deposits and withdrawals
GAL deposits and withdrawals will be suspended from 00:30 on 07/15/2024 (BRT). Make sure you leave enough time for your GAL deposits to be fully processed before this time.
Binance will make a separate announcement after the event concludes to notify users about the opening of G token deposits and withdrawals.
After the event has concluded, withdrawals of GAL tokens will no longer be accepted.
Binance will take care of all technical requirements for users involved in this event.
Users can refer to the project team's announcement for more information.
Token exchange and redenomination
GAL tokens will take on the G ticker on Binance;
All GAL tokens will be exchanged for G at the rate of 1 GAL = 60 G.
Spot
On 7/15/2024 at 00:00 (UTC), Binance will remove and cease trading on all GAL spot trading pairs.
The exact trading pairs being removed are: GAL/BTC, GAL/USDT and GAL/TRY.
All trade orders will be removed automatically after trading of the respective trading pair ends.
Binance will terminate Trading Bot services for the above-mentioned spot trading pairs at 00:00 on 15/07/2024 (UTC), when applicable. Users are advised to update and/or cancel Trading Bots before termination of services to avoid possible losses.
Binance Copy Trading Spot will remove the above-mentioned spot trading pairs on 7/14/2024 at 00:00 (UTC) - after this period, any outstanding spot trading pairs will be sold at market price. Users are advised to update or cancel their Copy Trading Spot portfolios before 07/14/2024 00:00 (UTC) to avoid possible losses.
Binance will make trading available for G/USDT and G/TRY pairs at 05:00 on 07/19/2024 (BRT).
Margin
Binance Margin will remove the GAL/USDT pair from Crossed and Isolated Margin at 09:00 on 07/11/2024 (BRT).
On 07/08/2024 at 03:00 (UTC), Binance Margin will suspend isolated margin lending for the above mentioned isolated margin pairs.
On 7/11/2024 at 9:00 AM (UTC), Binance Margin will close users' positions, conduct automatic liquidation, and cancel all pending orders for the above-mentioned Cross Margin and Isolated Margin pairs. These pairs will then be removed from the Binance Margem list.
Users will not be able to update their positions during the pair removal process and are advised to close their positions and/or transfer their assets from the Margin Wallet to the Spot Wallet before the close of margin trading at 09:00 on 11/ 07/2024 (BRT). Binance will not be responsible for possible losses.
Portfolio Margin users are advised to transfer the above-mentioned tokens from their Margin Wallet to their Spot Wallet and top up their margin balance before 09:00 on 07/11/2024 (UTC). Users should closely monitor the Unified Maintenance Margin Ratio (uniMMR) to avoid any potential liquidation that may result from the removal of the above-mentioned tokens from the Margin Wallet.
All GAL balances in the Cross Margin Wallet in the Portfolio Margin account will be automatically converted to USDT starting at 09:00 on 07/11/2024 (UTC). The conversion may take approximately 24 hours or more. Binance Margin will not be responsible for any losses related to new positions that may occur due to fund conversion during this period. See these Frequently Asked Questions for more information.
An additional announcement will provide information about the relisting.
Earn
Starting 7/12/2024 at 00:00 (BRT), Binance Simple Earn will end support for GAL Simple Earn Flexible and Locked Products and sign-ups will no longer be available.
For existing subscriptions, GAL balances on Simple Earn Flexible and Locked Products, along with any accrued rewards, will be automatically redeemed and credited to users' Spot Wallets after 7/12/2024 at 12:00 AM (UTC).
Binance Simple Earn will help affected users re-register only for G-Flexible Products according to the above swap rate after the event concludes.
Users can also choose to redeem their assets from GAL's Simple Earn Flexible and Locked Products at any time before 07/12/2024 at 00:00 (UTC).
Binance Pay
On 7/15/2024 at 00:00 (UTC), Binance will remove GAL from the list of cryptocurrencies supported by Binance Pay.
Gift Card
Binance will no longer support the creation of GAL Gift Cards from 00:00 on 15/07/2024 (UTC).
While users continue to redeem Gift Cards not yet redeemed for GAL tokens, before 07/15/2024 at 00:00 (BRT), the redeemed tokens will be subject to automatic conversion to the new G tokens.
After 00:00 on 07/15/2024 (UTC), all unredeemed GAL Gift Cards will be automatically converted into G tokens.
Convert
Binance Convert will maintain a sell-only function for GAL and all associated pairs from 07/11/2024 00:00 (BRT) until 07/14/2024 23:00 (BRT). Binance Convert will subsequently remove the GAL and all associated pairs on 7/14/2024 11:00 PM (UTC).
Automatic Investing
Binance Auto Invest will remove GAL after 07/09/2024 00:00 (UTC). Users can choose to remove plans early. Otherwise, the next recurring cycle of the above-mentioned tokens will fail.
Buy and sell cryptocurrencies
On 07/11/2024 at 00:00 (BRT), the Cryptocurrency Buy and Sell function will remove GAL and all associated pairs.
Note: there may be discrepancies in the translated version of this original article in English. Please refer to the original version for the most recent or accurate information where discrepancies may arise.
Thank you for your support!
Binance Team
05/07/2024
Note: This announcement was last updated on 7/5/2024 to say that rewards accrued for GAL balances on existing Earn subscriptions will also be automatically redeemed and credited to users' Spot Wallets.
