This is a general announcement and the products and services mentioned here may not be available in your area.
Dear user:
Binance will support Kaia (KLAY)’s plan to upgrade its brand to Kaia (KAIA).
Binance will stop trading and delist all existing KLAY spot trading pairs (KLAY/BTC and KLAY/USDT) at 11:00 (ET) on October 28, 2024, and will automatically cancel all pending orders. Binance will open KAIA/USDT spot trading at 16:00 (ET) on October 31, 2024.
General
Deposit and Withdrawal
Binance will suspend KLAY token deposits and withdrawals at 11:30 a.m. ET on October 28, 2024. Note: KLAY tokens deposited after this date will not be credited to your account. Please deposit in advance.
Binance will open deposits for KAIA tokens at 15:00 (ET) on October 31, 2024.
Binance will announce the withdrawal opening time of KAIA tokens after the brand upgrade is completed;
After the brand upgrade is completed, Binance will no longer support the deposit and withdrawal of KLAY tokens.
Binance will assist users who hold KLAY tokens in their Binance accounts with any technical issues involved;
Users can refer to Project Announcement for more information.
Brand Upgrade
Binance will adopt KAIA as the code for the new KLAY token (ie: 1 KLAY = 1 KAIA).
Spot goods
Binance will stop trading and delist all existing KLAY spot trading pairs at 11:00 AM (ET) on October 28, 2024.
The trading pairs that will be removed are KLAY/BTC and KLAY/USDT;
After each trading pair stops trading, all pending orders will be automatically cancelled;
Binance will terminate the trading bot service for the above spot trading pairs at 11:00 (ET) on October 28, 2024, where applicable. Users are strongly advised to update and/or cancel the trading bot before the above trading bot service is terminated to avoid any potential losses;
Binance Spot Copy Trading will delist the above spot trading pairs at 11:00 (ET) on October 27, 2024. After that, any outstanding spot trading pairs will be transferred to the spot account. Users are strongly recommended to update or cancel their spot copy trading portfolio before 11:00 (ET) on October 27, 2024 to avoid potential losses;
Binance will open KAIA/USDT spot trading at 16:00 (ET) on October 31, 2024.
contract
Binance Futures will automatically liquidate KLAYUSDT U-margined Perpetual Contracts at 17:00 (ET) on October 22, 2024, and will delist KLAYUSDT U-margined Perpetual Contracts after the liquidation. From 16:30 (ET) on October 22, 2024, users will not be able to add new positions in KLAYUSDT U-margined Perpetual Contracts. In order to protect user rights and reduce potential risks in extreme market conditions, Binance Futures may take additional protective measures for KLAYUSDT U-margined Perpetual Contracts without further announcement. Potential protection measures include but are not limited to adjusting leverage and margin (including the maximum leverage multiple of each level, position limit, and maintenance margin rate), adjusting funding rate (including base interest rate, premium index, and rate cap), changing price index components, or using the "latest transaction price protection mechanism" to update the mark price. The time of re-launching will be notified separately;
Starting from 17:00 (ET) on October 22, 2024, the Binance Funding Rate Arbitrage Robot will close all arbitrage strategies for KLAYUSDT trading pairs and perform automatic settlement.
lever
Coin safe positions and isolated margin positions will be removed from KLAY at 14:00 (ET on October 23, 2024). KLAY/USDT full position and isolated margin trading pairs will be removed from the margin platform ;
Binance Margin Trading Platform will suspend isolated margin lending for the above-mentioned pairs at 14:00 (ET) on October 18, 2024. Binance Margin will automatically close and liquidate isolated margin positions for the above-mentioned pairs at 14:00 (ET) on October 23, 2024, and cancel all pending orders of users for the above-mentioned trading pairs. After that, the above-mentioned trading pairs will be removed from the isolated margin platform;
Binance Margin Trading will suspend cross-margin lending for the above tokens at 14:00 (ET) on October 18, 2024. If users hold liabilities and/or pledged assets for the above tokens in their cross-margin accounts, the pledged assets will be used to repay the corresponding liabilities at 14:00 (ET) on October 23, 2024. If there are any remaining pledged assets or liabilities for the above tokens, one of the following two options will appear:
If the user only holds the above tokens as collateral and has no liabilities:
If the collateral risk ratio (CML) is greater than 2, the above tokens will be transferred to the user's spot wallet until the collateral risk ratio reaches 2. After that, the remaining tokens in the full margin account will be sold;
If the Collateral Risk Rate (CML) is less than 2, all remaining tokens in the cross-margin account will be sold.
If the user only holds the above token liabilities and has no pledged assets:
If the Collateral Risk Rate (CML) is greater than 2, all pending orders will not be affected;
If the Collateral Risk Rate (CML) is less than 2, all pending orders of the user under full margin will be cancelled;
The system will sell other pledged assets in the user’s account, buy and fully repay the liabilities of the delisted tokens.
During the delisting process, users will not be able to update their positions. Users are strongly advised to close their positions and/or transfer assets from their margin wallets to their spot wallets before the above trading pairs are no longer available for margin trading, i.e. before 14:00 (ET) on October 23, 2024. Binance will not be responsible for any potential losses.
Users of Binance unified accounts are advised to transfer the above tokens from their margin accounts to their spot accounts and replenish their margin balances (if applicable) before 14:00 (ET) on October 23, 2024. Users should closely monitor the maintenance margin ratio (uniMMR) of their unified accounts to avoid any potential liquidations that may result from the removal of the above trading pairs from their margin wallets;
Starting from 14:00 (ET) on October 23, 2024, users who enable the unified account mode will have their KLAY balance in their full-margin leverage wallet automatically converted to USDT. The conversion process will take approximately 24 hours or longer. Binance will not be responsible for any losses that may occur from new positions opened during the asset conversion process. For more information, please refer to FAQ;
The time of re-launch will be announced separately.
Pledged currency
Binance Collateralized Loans (current rate) and VIP Loans will remove KLAY from the available borrowing and collateral currencies at 11:00 (ET) on October 23, 2024, and automatically close and liquidate outstanding orders of the above currencies as borrowing or collateral currencies. Users are strongly recommended to repay the loans before 11:00 (ET) on October 23, 2024 to avoid potential losses;
Please refer to the Binance Pledge Loans (Demand Rate) and Binance VIP Loans FAQs for more information. Please refer to the Binance Pledge Loans and VIP Loans Terms and Conditions for more details.
Financial Management
Binance Earn will stop providing KLAY current products from 11:00 on October 25, 2024 (GMT+8), and users will no longer be able to subscribe;
Binance Earn will automatically redeem the user's current KLAY Earn current product holdings to the user's spot wallet starting at 11:00 (ET) on October 25, 2024. After the brand upgrade is completed, Binance Earn will assist affected users to subscribe for the corresponding KAIA Earn current product according to the brand upgrade ratio;
Users can also choose to redeem the KLAY Coin-earning product by themselves before 11:00 on October 25, 2024 (GMT+8).
Binance Payment
Binance Payments will delist KLAY at 11:00 AM (ET) on October 28, 2024.
Gift Cards
Binance will stop supporting KLAY gift card creation at 11:00 AM (ET) on October 28, 2024.
Users can redeem KLAY gift cards before 11:00 (GMT+8) on October 28, 2024, but the KLAY tokens redeemed by users may be automatically replaced with new KAIA tokens;
After 11:00 (ET) on October 28, 2024, all unredeemed KLAY gift cards will be automatically exchanged for new KAIA tokens.
Binance Flash Exchange
The above tokens will be available for sale only on Binance Flash Exchange from 11:00 (ET) on October 24, 2024 to 10:00 (ET) on October 28, 2024. Binance Flash Exchange will delist the above tokens and all related trading pairs at 10:00 (ET) on October 28, 2024.
Binance Fixed Investment
Binance will remove KLAY from the program at 11:00 (ET) on October 23, 2024. Users can choose to cancel the program early. Otherwise, the next cycle of the token will fail.
Small asset conversion
Small asset conversion will remove KLAY at 10:00 (ET) on October 27, 2024. Users are advised to convert small assets in advance.
One-click buying and selling of coins
Binance will remove KLAY and all related trading pairs from its One-Click Buy & Sell exchange at 11:00 AM (ET) on October 24, 2024.
Note: There may be discrepancies between the original English version and the translated version. If there are any discrepancies, please refer to the original English version for the latest or most accurate information.
Thank you for your support!
Binance Team
October 16, 2024