This is a general announcement and marketing message. The products and services mentioned herein may not be available in your region.
Dear Binance community members!
Binance will support the Fantom (FTM) token swap and rebranding to Sonic (S).
On 13/01/2025 at 05:00 (Kyiv time), Binance will remove all existing FTM spot trading pairs (i.e. FTM/BTC, FTM/BNB, FTM/ETH, FTM/EUR, FTM/FDUSD, FTM/TRY, FTM/USDC and FTM/USDT) and cancel all pending FTM spot trading orders. On 16/01/2025 at 10:00 (Kyiv time), Binance will open trading on S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC and S/USDT trading pairs.
General rules
Deposits and withdrawals
On 13/01/2025 at 05:30 (Kyiv time), deposits and withdrawals of old FTM tokens will be suspended. Make sure you have enough time left to fully process your deposits of old FTM tokens.
S token deposits will be opened on January 16, 2025 at 09:00 (Kyiv time).
Binance will make a separate announcement after the event concludes to inform users when access to withdraw S tokens will become available.
After the event ends, withdrawal of FTM tokens will no longer be supported.
Binance will fulfill all technical requirements of users participating in this event.
Users can view the announcement from the project team for more information.
Note these key changes in tokenomics following this event:
The initial circulating supply of S will be around 2.88 billion and the initial total supply will be 3.175 billion, which is the number of FTMs at the time of Sonic Network launch.
General offer S:
Will be increased and capped at 15% by 2031 (excluding block size rewards).
The annual inflation rate will be 1.75% four years after the launch of the Sonic network.
A risk warning banner and pop-up notification will be displayed on the Binance trading page following this event.
More information can be found here.
Token swap and rebranding
FTM tokens will have the ticker S on Binance.
All FTM tokens will be exchanged for S at a ratio of 1 FTM = 1 S.
Spot
On 13/01/2025 at 05:00 (Kyiv time), Binance will remove and cease trading of all spot pairs with FTM.
The following trading pairs will be removed: FTM/BTC, FTM/BNB, FTM/ETH, FTM/EUR, FTM/FDUSD, FTM/TRY, FTM/USDC, and FTM/USDT.
All trading orders will be automatically canceled after trading in each relevant trading pair has ceased.
Binance will discontinue trading bot services for the above-mentioned spot trading pairs on 13/01/2025 at 05:00 (Kyiv time), if available. Users are strongly advised to update and/or cancel their trading bots before the trading bot services are discontinued to avoid potential losses.
Binance will remove the above-mentioned spot trading pairs from Spot Copy Trading on 12/01/2025 at 05:00 (Kyiv time). After the specified time, spot trading pairs with open positions will be transferred to the spot wallet. Users are strongly advised to update or cancel their spot copy trading portfolios before 12/01/2025, 05:00 (Kyiv time) to avoid losses.
Binance will open trading on the trading pairs S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC and S/USDT on January 16, 2025 at 10:00 (Kyiv time).
Futures
Binance Futures will close all positions and automatically settle perpetual USDⓈ-M contracts FTMUSDT and COIN-M contracts FTMUSD on 06/01/2025 at 11:00 (Kyiv time). The contracts will be deleted after the settlement is complete. Users are advised to close all open positions before the deletion to avoid automatic settlement. Users are not allowed to open new positions for the above contracts starting from 06/01/2024, 10:30 (Kyiv time).
All positive FTM balances in COIN-M wallets on the Margin Portfolio account will be automatically transferred to the cross-margin wallet after the settlement is completed. For users who do not have a Margin Portfolio account, COIN-M wallet balances will be transferred to the spot wallet.
All negative FTM balances in COIN-M wallets in the Margin Portfolio account will undergo an automatic redemption process after the settlement is complete. The conversion may take approximately 24 hours or more. Binance is not responsible for any losses on new positions during this period due to the conversion of funds. For more information, please refer to this guide.
To protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may take additional protective measures for perpetual COIN-M contracts FTMUSDT and USDⓈ-M contracts FTMUSD without further notice, including but not limited to adjusting the maximum leverage value, position value, and maintenance margin at each margin level, updating funding rates such as interest rate, premium, and maximum funding rate, changing index price components, and using the last price protection mechanism to update the mark price. A separate announcement will be made regarding the re-listing.
On 01/06/2025 at 11:00 (Kyiv time), the Binance funding rate arbitrage bot will close all arbitrage strategies and perform an automatic settlement on the FTM symbol.
Margin
Binance Margin will remove FTM from cross margin and isolated margin on 08/01/2025 at 08:00 (Kyiv time). The trading pairs FTM/BTC, FTM/ETH, FTM/FDUSD, FTM/USDC, and FTM/USDT will be removed from cross margin and isolated margin. Starting from this moment, users will no longer be able to transfer amounts with the above-mentioned token manually and in automatic transfer mode to their margin accounts. If users have outstanding obligations for the specified token, they can only manually transfer the amount of obligations for this token to their margin accounts, minus the already available collateral.
On 12/24/2024 at 1:00 PM (Kyiv time), Binance Margin will suspend isolated margin borrowing on the above-mentioned isolated margin pairs. On 01/08/2025 at 08:00 AM (Kyiv time), Binance Margin will close users' positions, perform automatic settlement, and cancel all unfilled orders for the above-mentioned isolated margin pairs, which will then be removed from isolated margin.
On December 24, 2024 at 1:00 PM (Kyiv time), borrowing of the above tokens will be suspended on Binance Margin cross-margin. If users have both collateral and liabilities for the above token as of January 8, 2025, 8:00 AM (Kyiv time), the collateral will be used to repay the respective liabilities. If the user has collateral balances or liabilities for the above token, one of the following procedures will be implemented.
If the user holds the above tokens only in the form of collateral:
If the collateral margin level (CML) exceeds 2, the above tokens will be transferred to the user's spot wallet in such a way that the CML value is equal to 2. The remaining tokens to be deleted in the user's cross-margin accounts will be sold in full.
If the CML value is below 2, the remaining tokens to be deleted in the user's cross-margin accounts will be sold in full.
If the user holds the above tokens only in the form of liabilities:
If the CML value is 2 or higher, the pending orders will remain unchanged.
If the CML value is below 2, all unfilled orders on the user's cross margin accounts will be canceled.
The system will then sell the user's other collateral tokens in order to purchase the tokens to be deleted and fully repay the corresponding obligations in those tokens.
Please note that users will not be able to update their positions during the deletion process and are strongly encouraged to close their positions and/or transfer their assets from margin wallets to spot wallets before margin trading ends on 08/01/2025 at 08:00 (Kyiv time). Binance is not responsible for any potential losses.
Margin Portfolio users are advised to transfer the above mentioned token from their margin wallet to their spot wallet and top up their margin balance, if necessary, by 08/01/2025, 08:00 (Kyiv time). Users should closely monitor the Unified Maintenance Margin Ratio (Uni-MMR) to avoid potential liquidation that may occur as a result of the removal of the above mentioned tokens from the margin wallet.
All FTM balances in cross-margin wallets in the margin portfolio account will be automatically converted to USDC starting from 08/01/2025, 08:00 (Kyiv time). The conversion may take approximately 24 hours or more. Binance Margin is not responsible for any losses on new positions during this period that may arise due to the conversion of funds. Please see this guide for more information.
A separate announcement will be made regarding the re-listing.
Loans
At 05:00 (Kyiv time), 08.01.2025, Binance Loans (flexible and fixed rates) and VIP Loans will close all outstanding FTM loan positions (both loan tokens and collateral tokens will be closed). Users are strongly encouraged to repay their outstanding FTM loans by 05:00 (Kyiv time), 08.01.2025 to avoid potential losses.
For more information, please refer to the Binance Loans (Flexible Rates) and VIP Loans guides. For more information, please refer to the Binance Loans and VIP Loans platform terms and conditions.
Simple Earn
Starting January 10, 2025, 05:00 (Kyiv time), Binance Simple Earn will stop supporting perpetual and fixed-term FTM products, and subscriptions will no longer be available.
Starting from 10/01/2025, 05:00 (Kyiv time), all remaining positions of perpetual and fixed FTM products, along with accumulated rewards, will be automatically transferred to users' spot wallets. Users can withdraw their FTM assets from Simple Earn perpetual and fixed products at any time before this point.
After 1/16/2025, 10:00 (Kyiv time), Binance Simple Earn will resume subscription to S convertible assets for perpetual products of eligible users based on the above swap ratio after the event ends.
Double investment
From 06.01.2025, 10:00 (Kyiv time):
Binance will discontinue support for the FTM Buy Low and Sell High products, and users will not be able to subscribe to the FTM-USDT, FTM-FDUSD, or FTM-USDC products.
For subscriptions with a settlement date of 10/01/2025, settlement will be carried out in the usual manner and the asset, including rewards, will be distributed to users' spot wallets within 4 hours.
After 1/16/2025, 10:00 AM (Kyiv time), Binance will automatically upgrade all FTM "Buy Cheaper" and "Sell More" products to S "Buy Cheaper" and "Sell More" products.
Binance Pay
On 09/01/2025 at 05:00 (Kyiv time), Binance will remove FTM from the list of supported cryptocurrencies on Binance Pay.
Gift card
Starting January 13, 2025, 05:00 (Kyiv time), Binance will no longer support the creation of gift cards with FTM.
Users can exchange inactive FTM gift cards for FTM tokens until 01/13/2025, 05:00 (Kyiv time)
Conversion
Binance Convert will remove FTM and all related pairs on 01/13/2025 at 04:00 (Kyiv time).
Automatic investing
Binance Auto Invest will delete FTM after 08/01/2025, 05:00 (Kyiv time). Users can delete the plan(s) in advance. Otherwise, the next periodic purchase cycle of the above tokens will not occur.
Conversion of small balances
The FTM small balance conversion feature will be removed on 12/01/2025 at 04:00 (Kyiv time). Users can convert small balances in advance.
Buying and selling cryptocurrency
On 08.01.2025 at 05:00 (Kyiv time), FTM and all related pairs will be removed from the cryptocurrency buying and selling functions.
Note: There may be discrepancies in the translation of this original English article. If there are any, please refer to the original English version for the most accurate information.
Thank you for your support!
Team Binance
24.12.2024
USDC is an electronic money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). The USDC whitepaper can be found here. You can contact Circle using the following contact information: +33(1)59000130 and EEA-Customer-Support@circle.com.
USDC holders have the right to file a lawsuit against Circle SAS as the issuer of USDC in the EU. These holders have the right to redeem their USDC from Circle SAS. Such redemption can be made at any time and at par value.
