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Binance Will Support the Merit Circle (MC) Token Swap, Redenomination and Rebranding to Beam (BEAMX)

Binance Will Support the Merit Circle (MC) Token Swap, Redenomination and Rebranding to Beam (BEAMX)

2023-10-25 05:05

Fellow Binancians,

Binance will support the Merit Circle (MC) token swap, redenomination and rebranding to Beam (BEAMX).

General

  • Deposit and Withdrawal

    • At 2023-11-07 03:30 (UTC), deposits and withdrawals of MC (ERC20 and BEP20) will be suspended. Please ensure that you leave sufficient time for your MC deposits to be fully processed prior to this time. 

    • Binance will make a separate announcement after the event is complete to notify users when deposits and withdrawals of BEAMX (ERC20 and BEP20) will be opened.

    • After the event is complete, deposits and withdrawals of MC 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

  • New MC token will assume the ticker of BEAMX on Binance. This is different from the on-chain display.

  • Beam (BEAMX) smart contract addresses: 

Token Swap and Redenomination

  • All MC tokens will be swapped for BEAMX at a ratio of 1 MC = 100 BEAMX.

Spot

  • At 2023-11-07 03:00 (UTC), Binance will delist all existing MC spot trading pairs (i.e., MC/BTC and MC/USDT) and cancel all pending MC spot trade orders. 

  • Binance will terminate Trading Bots services for the aforementioned spot trading pairs at 2023-11-07 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.

  • At 2023-11-14 08:00 (UTC), trading will open for the BEAMX/USDT spot trading pair. 

Margin

  • At 2023-10-26 06:00 (UTC), Binance will suspend MC/USDT cross margin borrowing, as well as MC/BTC and MC/USDT isolated margin borrowing. 

  • At 2023-11-02 06:00 (UTC), Binance will close users’ positions, conduct an automatic settlement and cancel all pending orders on the MC/BTC and MC/USDT cross and isolated margin pairs. If users have any outstanding MC cross margin and/or isolated margin loans, MC assets held in their cross margin and/or isolated margin accounts may be sold. These pairs will then be removed from cross margin and isolated margin. 

  • A separate announcement will be made for relisting. 

  • Classic Portfolio Margin users are advised to transfer MC out of their Margin Wallet to their Spot Wallet and to top up their margin balance, if required, before 2023-11-02 06:00 (UTC). Users should monitor the Unified Maintenance Margin Ratio (Uni-MMR) closely to avoid any potential liquidation that may result from the removal of MC from the Margin Wallet.

  • All MC balances in Cross Margin Wallets under the Portfolio Margin account will be automatically converted into USDT. For more information, please refer to this FAQ.

Loans

  • At 2023-10-31 02:00 (UTC), Binance VIP Loan will delist MC from loanable assets and close all outstanding MC loan positions. Users are strongly advised to repay their outstanding MC loans before 2023-10-31 01:59 (UTC) to avoid any potential losses and the 2% liquidation fee.

Earn

  • At 2023-11-01 06:00 (UTC), Binance Simple Earn will cease support for MC Simple Earn Flexible and Locked Products, and subscriptions will no longer be available. 

    • For existing subscriptions, MC balances in Simple Earn will be automatically redeemed and credited to users’ Spot Wallets after 2023-11-01 06:00 (UTC). 

    • Users may also choose to redeem their assets from MC Flexible Products anytime before 2023-11-01 06:00 (UTC).

Binance Pay

  • At 2023-11-07 03:00 (UTC), Binance will remove MC from the list of supported cryptocurrencies on Binance Pay.

Gift Card

  • At 2023-11-07 03:00 (UTC), Binance will no longer support the creation of MC Gift Cards.

    • While users may proceed to redeem any unredeemed MC Gift Cards for MC tokens before 2023-11-07 03:00 (UTC), the redeemed tokens will be subject to automatic conversion to new BEAMX tokens.

    • After 2023-11-07 03:00 (UTC), all unredeemed MC Gift Cards will be automatically converted to new BEAMX tokens.

Note: Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.

Thanks for your support!

Binance Team

2023-10-25

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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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