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Binance Will Support the Polygon (MATIC) Token Swap to Polygon (POL)

Binance Will Support the Polygon (MATIC) Token Swap to Polygon (POL)

2024-08-28 09:00

This is a general announcement. Products and services referred to here may not be available in your region.

Fellow Binancians,

Binance will support the Polygon (MATIC) token swap to Polygon (POL).

At 2024-09-10 03:00 (UTC), Binance will delist all existing MATIC spot trading pairs (i.e., MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC, and MATIC/USDT) and cancel all pending MATIC spot trading orders. At 2024-09-13 10:00 (UTC), Binance will open trading for the POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT trading pairs.

General

  • Deposits and Withdrawals

    • At 2024-09-10 03:30 (UTC), deposits and withdrawals of MATIC tokens will be suspended. Please ensure that you leave sufficient time for your MATIC token deposits to be fully processed prior to this time. 

    • Binance will make a separate announcement after the event is completed to notify users when deposits and withdrawals of POL tokens will be opened.

    • After the event is complete, withdrawals of MATIC tokens will no longer be supported.

  • Binance will handle all technical requirements for users who are involved in this event.

  • Users may refer to the announcement from the project team for more information.

  • From 2024-09-04 12:00 (UTC) to 2024-09-10 03:30 (UTC), deposits and withdrawals of Polygon PoS native tokens (POL) will retain the MATIC ticker within Binance.

Token Swap

  • MATIC tokens will assume the ticker of POL tokens on Binance.

  • All MATIC tokens will be swapped to POL at a ratio of 1 MATIC = 1 POL.

Spot

  • At 2024-09-10 03:00 (UTC), Binance will delist and cease trading on all spot trading pairs for MATIC. 

  • The exact trading pairs being removed are: MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC, and MATIC/USDT.

  • All trade orders will be automatically removed after trading ceases in each respective trading pair.

  • Binance will terminate Trading Bots services for the aforementioned spot trading pairs at 2024-09-10 03:00 (UTC), where applicable. Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses.

  • Binance Spot Copy Trading will delist the aforementioned spot trading pairs on 2024-09-09 03:00 (UTC) - after this time, any outstanding spot trading pairs will be moved to the Spot Wallet. Users are strongly advised to update or cancel their Spot Copy Trading portfolios prior to 2024-09-09 03:00 (UTC) to avoid potential losses.

  • Binance will open trading for the POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT trading pairs at 2024-09-13 10:00 (UTC).

Futures

  • Binance Futures will close all positions and conduct an automatic settlement on the MATICUSDT and MATICUSDC USDⓈ-M Perpetual Contracts at 2024-09-04 09:00 (UTC), and MATICUSD COIN-M Perpetual Contract at 2024-09-04 09:30 (UTC). The contracts will be delisted after the settlement is complete. Users are advised to close any open positions prior to the delisting time to avoid automatic settlement. Users are not allowed to open new positions for the aforementioned contracts starting from the following times:

    • 2024-09-04 08:30 (UTC): MATICUSDT and MATICUSDC USDⓈ-M Perpetual Contracts 

    • 2024-09-04 09:00 (UTC): MATICUSD COIN-M Perpetual Contract 

  • All MATIC positive balances in COIN-M Wallets under the Portfolio Margin account will be automatically transferred to Cross Margin Wallet after the settlement is complete. For those who do not have a Portfolio Margin account, the balances in COIN-M Wallets will be transferred to Spot Wallet. 

  • All MATIC negative balances in COIN-M Wallets under the Portfolio Margin account will conduct an auto-repayment process after the settlement is complete. The conversion may take approximately 24 hours or longer. Binance will not be liable for any losses on new positions during this period that may incur as a result of the conversion of funds. Refer to this FAQ for more information.

  • In order to protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may undertake additional protective measures toward the MATICUSDT and MATICUSDC USDⓈ-M Perpetual Contracts and MATICUSD COIN-M Perpetual Contract without further announcement, including but not limited to adjusting the maximum leverage value, position value, and maintenance margin in each margin tier, updating funding rates, such as the interest rate, premium and capped funding rate, changing the constituents of the price index, and using the Last Price Protected mechanism to update the Mark Price. A separate announcement will be made for relisting.

  • At 2024-09-04 09:30 (UTC), Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and conduct an automatic settlement on the MATIC symbols.  

Margin

  • Binance Margin will delist MATIC from Cross and Isolated Margin at 2024-09-05 11:00 (UTC). The MATIC/BTC, MATIC/FDUSD, MATIC/USDC, and MATIC/USDT cross and isolated margin pair(s) will be removed from Margin. 

    • At 2024-09-02 06:00 (UTC), Binance Margin will suspend isolated margin borrowings on the aforementioned isolated margin pair(s). At 2024-09-05 11:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders on the aforementioned isolated margin pair(s). These pair(s) will then be removed from isolated margin.

    • At 2024-09-02 06:00 (UTC), Binance Margin will suspend cross margin borrowings on MATIC. At 2024-09-05 11:00 (UTC), if users hold both collateral and liabilities of the aforementioned token(s), the collateral will be used to repay the respective liabilities. If there are remaining collateral or liabilities of the aforementioned token(s), one of two options below will occur:

      • If users only hold the aforementioned token(s) in the form of collateral: 

        • If the Collateral Margin Level (CML) is above 2, the aforementioned token(s) will be transferred to users’ Spot Wallets, up to the point when the CML reaches 2. The remaining tokens in their Cross Margin accounts that are to be delisted will then be fully sold using market orders. 

        • If the CML is below 2, the remaining tokens in users’ Cross Margin accounts that are to be delisted will be fully sold using market orders. 

      • If users only hold the aforementioned token(s) in the form of liabilities:

        • If CML is at or above 2, pending orders will not be affected. 

        • If the CML is below 2, all pending orders in their Cross Margin accounts will be canceled. 

        • The system will then place market sell orders on users’ other collateral tokens to buy and fully repay the delisting token(s)’ liabilities.

  • Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-09-05 11:00 (UTC). Binance will not be responsible for any potential losses.

  • Portfolio Margin users are advised to transfer the aforementioned token(s) out of their Margin Wallets to their Spot Wallets and to top up their margin balance before 2024-09-05 11:00 (UTC) where applicable. Users should monitor the Unified Maintenance Margin Ratio (uniMMR) closely to avoid any potential liquidation that may result from the removal of the aforementioned token(s) from the Margin Wallet.

  • All MATIC balances in Cross Margin Wallet under the Portfolio Margin account will be automatically converted to USDT from 2024-09-05 11:00 (UTC). The conversion may take approximately 24 hours or longer. Binance Margin will not be liable for any losses on new positions during this period that may incur due to the conversion of funds. Refer to this FAQ for more information. 

  • A separate announcement will be made for relisting. 

Loans

  • From 2024-09-04 03:00 (UTC), Binance Loans (Flexible Rates) and VIP Loan will close all outstanding loan positions for MATIC (both loanable tokens and collateral tokens will be closed). Users are strongly advised to repay their outstanding MATIC loans before 2024-09-04 03:00 (UTC) to avoid any potential losses.

  • Please refer to the Binance Loans (Flexible Rates) and VIP Loan FAQs for more information. More details are also available in the Binance Loans and VIP Loan Terms and Conditions.

Simple Earn 

  • From 2024-09-09 03:00 (UTC), Binance Simple Earn will cease support for MATIC Simple Earn Flexible and Locked Products. Subscriptions will no longer be available. 

  • From 2024-09-09 03:00 (UTC), all remaining MATIC Flexible and Locked Products positions, together with any accrued rewards, will be automatically redeemed to users’ Spot Wallets. Users can choose to redeem their assets from MATIC Simple Earn Flexible and Locked Products anytime before 2024-09-09 03:00 (UTC) without deduction of any accrued rewards.

  • After 2024-09-13 10:00 (UTC), Binance Simple Earn will resubscribe the converted POL assets for Flexible Product and Locked Products for impacted users, according to the above swap ratio after the event is complete. 

    • If there were any changes in the user's MATIC balance after the redemption, the resubscription will be conducted based on the user’s previous asset allocation ratio between Flexible and Locked Products with different durations with the remaining POL balance.

    • Example: A user has 30 MATIC in 30-Day Locked, 20 MATIC in 90-Day Locked, and 50 MATIC in Flexible Products. If the user’s total MATIC/POL Balance changes from 100 to 50 before the resubscription, the resubscription amount will be: 15 MATIC in 30-Day Locked, 10 MATIC in 90-Day Locked, 25 MATIC in Flexible Products.

  • About Locked Products Positions

    • The rewards will be distributed to the user’s Spot Wallet the day after accrual starts on the new subscriptions (two days after subscription).

    • The duration of the Locked Products will be reset with the new subscription. For example, a MATIC 30-Day Locked Product Position with 7 days till expiry will be reset to 30 days till expiry for the new POL 30-Day Locked Product Position.

    • After the resubscription, users can early redeem the POL Locked Product Positions before 2024-09-27 04:00 (UTC) without deduction of any accrued rewards.

Dual Investment

  • From 2024-09-04 08:00 (UTC), Dual Investment will cease the support for MATIC Buy Low and Sell High products and users are unable to subscribe to MATIC-USDT, MATIC-FDUSD, or MATIC-USDC products. 

  • From 2024-09-06 08:00 (UTC): 

    • The subscription with the settlement day of 2024-09-06 will be settled as usual and the asset including rewards will be distributed to users’ Spot Wallets within 6 hours. 

    • The subscription with the settlement day of 2024-09-13 will be settled earlier automatically and the assets, including rewards, will be distributed to users’ Spot Wallets within 6 hours. 

      • The settlement price will be the average of the Market Price from 07:30 to 08:00 (UTC).

      • The rewards will be calculated based on the actual settlement date and subscription date. (e.g. A user subscribed to MATIC Buy Low with a settlement date of 2024-09-13 on 2024-08-20, then the actual subscription period for early redemption is 17 days.)

  • After 2024-09-13 10:00 (UTC), Dual Investment will automatically update all MATIC Buy Low and Sell High products to POL Buy Low and Sell High products. The MATIC subscription with the settlement day of 2024-09-20, 2024-09-27, 2024-10-25, 2024-11-29, and 2024-12-27 will be updated into POL subscription. 

Binance Pay

  • At 2024-09-06 03:00 (UTC), Binance will remove MATIC from the list of supported cryptocurrencies on Binance Pay.

Gift Card

  • At 2024-09-10 03:00 (UTC), Binance will no longer support the creation of MATIC Gift Cards.

    • While users may proceed to redeem any unredeemed MATIC Gift Cards for MATIC tokens before 2024-09-10 03:00 (UTC), the redeemed tokens will be subject to automatic conversion to the POL tokens.

    • After 2024-09-10 03:00 (UTC), all unredeemed MATIC Gift Cards will be automatically converted to the POL tokens.

Convert

  • Binance Convert will maintain a sell-only function for MATIC and all associated pairs from 2024-09-05 03:00 (UTC) to 2024-09-10 02:00 (UTC). Binance Convert will subsequently delist MATIC and all associated pairs at 2024-09-10 02:00 (UTC).

Convert Low-Value Assets 

  • Convert Low-Value Assets will delist MATIC at 2024-09-08 02:00 (UTC). Users may choose to convert the low-value assets beforehand. 

Binance Auto-Invest

  • Binance Auto-Invest will delist MATIC after 2024-09-04 03:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail.

Buy & Sell Crypto

  • At 2024-09-06 03:00 (UTC), Buy & Sell Crypto will delist MATIC and all associated pairs.

Note: There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.

Thank you for your support!

Binance Team

2024-08-28

Note: This announcement was updated on 2024-09-06 to clarify that Binance Convert will maintain a sell-only function for MATIC from 2024-09-05 03:00 (UTC) to 2024-09-10 02:00 (UTC), the delisting date of MATIC and all associated pairs on Convert has been changed to 2024-09-10 02:00 (UTC). It was also updated on 2024-09-05 to update the delisting date of MATIC and all associated pairs on Buy & Sell Crypto to 2024-09-06 03:00 (UTC).

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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

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