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Binance Will Support the Kaia (KLAY) Rebranding to Kaia (KAIA)

Binance Will Support the Kaia (KLAY) Rebranding to Kaia (KAIA)

2024-10-16 08:00

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

Fellow Binancians,

Binance will support the Kaia (KLAY) rebranding to Kaia (KAIA).

At 2024-10-28 03:00 (UTC), Binance will delist all existing KLAY spot trading pairs (i.e., KLAY/BTC and KLAY/USDT) and cancel all pending KLAY spot trading orders. At 2024-10-31 08:00 (UTC), Binance will open trading for the KAIA/USDT trading pair.

General

  • Deposits and Withdrawals

    • At 2024-10-28 03:30 (UTC), deposits and withdrawals of KLAY tokens will be suspended. Please ensure that you leave sufficient time for your KLAY token deposits to be fully processed prior to this time. 

    • Deposits of KAIA tokens will be opened at 2024-10-31 07:00 (UTC).

    • Binance will make a separate announcement after the event is completed to notify users when withdrawals of KAIA tokens have opened.

    • After the event is complete, deposits and withdrawals of KLAY 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.

Rebranding

  • KLAY tokens will assume the ticker of KAIA tokens on Binance (i.e., 1 KLAY = 1 KAIA).

Spot

  • At 2024-10-28 03:00 (UTC), Binance will delist and cease trading on all spot trading pairs for KLAY. 

  • The exact trading pairs being removed are KLAY/BTC and KLAY/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 2024-10-28 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 2024-10-27 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 2024-10-27 03:00 (UTC) to avoid potential losses.

  • Binance will open trading for the KAIA/USDT trading pair at 2024-10-31 08:00 (UTC).

Futures

  • Binance Futures will close all positions and conduct an automatic settlement on the KLAYUSDT USDⓈ-M Perpetual Contracts at 2024-10-22 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 2024-10-22 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 KLAYUSDT USDⓈ-M Perpetual Contracts without further announcements, 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 2024-10-22 09:00 (UTC), Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and conduct an automatic settlement on the KLAYUSDT symbols.

Margin

  • Binance Margin will delist KLAY from Cross and Isolated Margin at 2024-10-23 06:00 (UTC). The KLAY/USDT cross and isolated margin pair will be removed from Margin.

  • At 2024-10-18 06:00 (UTC), Binance Margin will suspend isolated margin borrowings on the aforementioned isolated margin pair. At 2024-10-23 06:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders on the aforementioned isolated margin pair, which will then be removed from isolated margin.

  • At 2024-10-18 06:00 (UTC), Binance Margin will suspend cross margin borrowings on the aforementioned token(s). At 2024-10-23 06:00 (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. 

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

    • 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 sell 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 2024-10-23 06:00 (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 2024-10-23 06:00 (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 KLAY balances in Cross Margin Wallet under the Portfolio Margin account will be automatically converted to USDT from 2024-10-23 06:00 (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

  • At 2024-10-23 03:00 (UTC), Binance Loans (Flexible Rates) and VIP Loan will close all outstanding loan positions for KLAY (both loanable tokens and collateral tokens will be closed). Users are strongly advised to repay their outstanding KLAY loans before 2024-10-23 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.

Earn 

  • From 2024-10-25 03:00 (UTC), Binance Simple Earn will cease support for KLAY Simple Earn Flexible Products, and subscriptions will no longer be available. 

  • For existing subscriptions, KLAY balances in Simple Earn Flexible Products will be automatically redeemed and credited to users’ Spot Wallets after 2024-10-25 03:00 (UTC). Binance Simple Earn will assist impacted users by resubscribing for KAIA Flexible Product, according to the above rebranding ratio after the event is complete.

  • Users may also choose to redeem their assets from KLAY Simple Earn Flexible Products anytime before 2024-10-25 03:00 (UTC).

Binance Pay

  • At 2024-10-28 03:00 (UTC), Binance will remove KLAY from the list of supported cryptocurrencies on Binance Pay.

Gift Card

  • At 2024-10-28 03:00 (UTC), Binance will no longer support the creation of KLAY Gift Cards.

    • While users may proceed to redeem any unredeemed KLAY Gift Cards for KLAY tokens before 2024-10-28 03:00 (UTC), the redeemed tokens will be subject to automatic conversion to the KAIA tokens.

    • After 2024-10-28 03:00 (UTC), all unredeemed KLAY Gift Cards will be automatically converted to the KAIA tokens.

Convert

  • Binance Convert will maintain a sell-only function for KLAY and all associated pairs from 2024-10-24 03:00 (UTC) to 2024-10-28 02:00 (UTC). Binance Convert will subsequently delist KLAY and all associated pairs at 2024-10-28 02:00 (UTC).

Auto-Invest

  • Binance Auto-Invest will delist KLAY after 2024-10-23 03:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token will fail.

Convert Low-Value Assets 

  • Convert Low-Value Assets will delist KLAY at 2024-10-27 02:00 (UTC). Users may choose to convert the low-value assets beforehand. 

Buy & Sell Crypto

  • At 2024-10-24 03:00 (UTC), Buy & Sell Crypto will delist KLAY and all associated pairs.

Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.

Thank you for your support!

Binance Team

2024-10-16

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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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