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Binance Will Suspend LRC Trading

2017-09-08 10:09
  • Hi Everyone,

Per request from Loopring (LRC) team, we will suspend LRC trading and deposit services on 2017/09/09 12:00 (Beijing Time).  Withdrawal will continue to work. Loopring (LRC) team has issued a refund plan with details as follows.

 

Refund Plan Announcement of LRC Secondary Market

Dear  Loopring Community,

Thank you for supporting the Loopring blockchain project. In response to the national policies of Chinese government, the Loopring team will launch the LRC secondary market refund procedures. More details can be found as follows:

1. Refund 

We will open the buy-back window from 2017/9/08, 21:00 ( Beijing Time) at https://bter.com/ . The refunding ratio for LRC/ ETH will be 1 LRC = 0.000166ETH. Please complete the LRC/ETH trading as soon as possible (within the past 24 hours , the middle rate of trading price on bter.com was 0.000155). If the tokens at this specified price run out, please give us time to deposit and complete the pending the order again.

The buy-back window will be close on 2017/9/13 21:00 (Beijing Time). We can not guarantee LRC trading time on bter.com.  Kindly, follow the regulatory calls and participate in the refund process at the first place . Once bter.com has announced the the delisting of LRC/ETH trading pair, this secondary market refund will be automatically terminated. Regarding trading on domestic exchanges and price changes of LRC, we cannot make any prediction or commitment.  For LRC holders, please complete the order as soon as possible, and take full responsibilities if you decide not to participate .

2.  How we will deal with the refunded LRC tokens?

50% of LRC tokens will be destroyed on the blockchain, and the other 50% will be used for the long-term incentive plan.
By strictly following the national regulatory policies, we believe the development of blockchain technology will be healthier in the long term.

Thank you!

Loopring Foundation
2017/09/08

 

Thank you for your strong support!

Binance Team

2017/09/08