Binance Supports Render Token Swap and Rebranding

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by Giorgi Kostiuk

2 years ago

Made with AI

The cryptocurrency exchange Binance has revealed its backing for the token swap and rebranding effort involving the widely-used altcoin Render (RNDR) transitioning to Render (RENDER). This transition will impact numerous services on the platform, including transactions, deposits, and withdrawals.

Removal of Trading Pairs and Introduction of New Listings

Binance will eliminate the current RNDR spot trading pairs on July 22, 2024, by 06:00 AM UTC. The trading pairs slated for removal consist of RNDR/BTC, RNDR/USDT, RNDR/FDUSD, RNDR/USDC, RNDR/TRY, RNDR/EUR, and RNDR/BRL. Any pending RNDR spot orders will be voided. Subsequently, the new trading pairs under the name RENDER will be unveiled on July 26, 2024, at 11:00 AM UTC, including RENDER/BTC, RENDER/USDT, RENDER/FDUSD, RENDER/USDC, RENDER/TRY, RENDER/EUR, and RENDER/BRL.

Deposits and withdrawals for RNDR will be suspended on July 22, 2024, by 06:00 AM UTC. Binance advises users to finalize their RNDR deposits before this deadline. Once the token swap and rebranding process concludes, Binance will make a separate announcement regarding the cessation of RNDR deposits and withdrawals, ensuring compliance with all technical specifications.

Furthermore, on July 16, 2024, at 12:00 PM UTC, Binance Futures will close all RNDRUSDT perpetual futures positions, triggering an automatic liquidation process. Simultaneously, Binance Margin will delist RNDR/BTC, RNDR/USDC, and RNDR/USDT cross margin pairs, along with RNDR/BTC and RNDR/USDT isolated margin pairs on July 17, 2024, at 09:00 AM UTC. Users are urged to close their positions and transfer assets from margin wallets to spot wallets.

Additionally, Binance Loans will conclude all open RNDR loan positions on July 17, 2024, at 06:00 AM UTC. Simple Earn will discontinue its support for RNDR flexible products on July 19, 2024, at 06:00 AM UTC. Binance Pay will remove RNDR from its list of supported cryptocurrencies and stop supporting RNDR gift cards on July 22, 2024, at 06:00 AM UTC. Unused RNDR gift cards will automatically convert to RENDER gift cards.

Token Swap Specifics

Presently identified by the RNDR ticker, Render will shift to the RENDER ticker on Binance post-rebranding, with RNDR tokens converted to RENDER tokens at a 1:1 ratio. Binance will manage the technical prerequisites of the token swap automatically, ensuring a seamless transition for users.

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