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Binance Will Support the Galxe (GAL) Token swap, Redenomination, and Rebranding to Gravity (G)

Binance Will Support the Galxe (GAL) Token swap, Redenomination, and Rebranding to Gravity (G)

2024-07-05 02:00

Fellow Binancians,

Binance will support the Galxe (GAL) token swap, redenomination, and rebranding to Gravity (G) .

At 2024-07-15 03:00 (UTC), Binance will delist all existing GAL spot trading pairs (i.e.,GAL/BTC, GAL/USDT, and GAL/TRY) and cancel all pending GAL spot trading orders. At 2024-07-19 08:00 (UTC), Binance will open trading for the G/USDT and G/TRY trading pairs.

General 

  • Deposits and Withdrawals

    • At 2024-07-15 03:30 (UTC), deposits and withdrawals of GAL will be suspended. Please ensure that you leave sufficient time for your GAL 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 G tokens will be opened.

    • After the event is complete, withdrawals of GAL 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.

Token Swap and Redenomination

  • GAL tokens will assume the ticker of G at Binance;

  • All GAL tokens will be swapped to G at a ratio of 1 GAL = 60 G.

Spot

  • At 2024-07-15 03:00 (UTC), Binance will delist and cease trading on all spot trading pairs for GAL. 

  • The exact trading pairs being removed are: GAL/BTC, GAL/USDT, and GAL/TRY.

  • 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 2024-07-15 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 2024-07-14 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 2024-07-14 03:00 (UTC) to avoid potential losses.

  • Binance will open trading for the G/USDT and G/TRY trading pairs at 2024-07-19 08:00 (UTC).

Futures

  • Binance Futures will close all positions and conduct an automatic settlement on the GALUSDT USDⓈ-M Perpetual Contracts at 2024-07-11 09:00 (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 contract(s) starting from 2024-07-11 08:30 (UTC). In order to protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may undertake additional protective measures toward the GALUSDT USDⓈ-M Perpetual Contracts 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 2024-07-11 09:00 (UTC), Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and conduct an automatic settlement on the GALUSDT symbols.

Margin

  • Binance Margin will delist the GAL/USDT cross margin and isolated margin pair at 2024-07-11 12:00 (UTC).

    • At 2024-07-08 06:00 (UTC), Binance Margin will suspend isolated margin borrowing on the aforementioned isolated margin pairs.

    • At 2024-07-11 12:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders on the aforementioned cross and isolated margin pairs. These pairs will then be removed from Binance Margin. 

  • 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 Wallet to Spot Wallet prior to the cessation of margin trading at 2024-07-11 12:00 (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 Wallet to their Spot Wallet and to top up their margin balance before 2024-07-11 12:00 (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 GAL balances in Cross Margin Wallet under the Portfolio Margin account will be automatically converted to USDT from 2024-07-11 12:00 (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 2024-07-11 03:00 (UTC), Binance Loans (Flexible and Stable Rates) and VIP Loan will close all outstanding loan positions for GAL (both loanable tokens and collateral tokens will be closed). Users are strongly advised to repay their outstanding GAL loans before 2024-07-11 03:00 (UTC) to avoid any potential losses.

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

Earn 

  • From 2024-07-12 03:00 (UTC), Binance Simple Earn will cease support for GAL Simple Earn Flexible Products and Locked Products, and subscriptions will no longer be available. 

  • For existing subscriptions, GAL balances in Simple Earn Flexible Products and Locked Products, together with any accrued rewards, will be automatically redeemed and credited to users’ Spot Wallets after 2024-07-12 03:00 (UTC). 

  • Binance Simple Earn will assist impacted users by resubscribing for G Flexible Product only, according to the above swap ratio after the event is complete. 

  • Users may also choose to redeem their assets from GAL Simple Earn Flexible or Locked Products anytime before 2024-07-12 03:00 (UTC).

Binance Pay

  • At 2024-07-15 03:00 (UTC), Binance will remove GAL from the list of supported cryptocurrencies on Binance Pay.

Gift Card

  • At 2024-07-15 03:00 (UTC), Binance will no longer support the creation of GAL Gift Cards.

    • While users may proceed to redeem any unredeemed GAL Gift Cards for GAL tokens before 2024-07-15 03:00 (UTC), the redeemed tokens will be subject to automatic conversion to the G tokens.

    • After 2024-07-15 03:00 (UTC), all unredeemed GAL Gift Cards will be automatically converted to G tokens.

Convert

  • Binance Convert will maintain a sell-only function for GAL and all associated pairs from 2024-07-11 03:00 (UTC) to 2024-07-15 02:00 (UTC). Binance Convert will subsequently delist GAL and all associated pairs at 2024-07-15 02:00 (UTC).

Auto-Invest

  • Binance Auto-Invest will delist GAL after 2024-07-09 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 2024-07-11 03:00 (UTC), Buy & Sell Crypto will delist GAL 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

2024-07-05

Note: This announcement was last updated on 2024-07-14 to add clarifications to Spot Copy Trading delisting and 2024-07-05 to reflect that accrued rewards for GAL balances in existing Earn subscriptions will also be automatically redeemed and credited to users’ Spot Wallets.

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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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