Binance will support the Polygon (MATIC) token swap to Polygon (POL) from 2024-09-10 03:00 (UTC) and will delist all existing MATIC spot trading pairs and cancel all pending MATIC spot trading orders.
At 2024-09-13 10:00 (UTC), Binance will open trading for the POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT trading pairs.
Deposits and withdrawals of MATIC tokens will be suspended at 2024-09-10 03:30 (UTC), and Binance will notify users when deposits and withdrawals of POL tokens will be opened. After the event is completed, withdrawals of MATIC tokens will no longer be supported.
From 2024-09-04 12:00 (UTC) to 2024-09-10 03:30 (UTC), deposits and withdrawals of Polygon PoS native tokens (POL) will retain the MATIC ticker within Binance. MATIC tokens will assume the ticker of POL tokens on Binance, and all MATIC tokens will be swapped to POL at a ratio of 1 MATIC = 1 POL.
Binance will also delist and cease trading on all spot trading pairs for MATIC at 2024-09-10 03:00 (UTC), with all trade orders automatically removed after trading ceases in each respective trading pair. Trading Bots services will be terminated at 2024-09-10 03:00 (UTC), and Spot Copy Trading will delist the aforementioned spot trading pairs.
Binance will open trading for the POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT trading pairs at 2024-09-13 10:00 (UTC).
Binance Futures will close all positions and conduct an automatic settlement on the MATICUSDT and MATICUSDC USDⓈ-M Perpetual Contracts at 2024-09-04 09:00 (UTC) and MATICUSD COIN-M Perpetual Contract at 2024-09-04 09:30 (UTC).
The contracts will be delisted after the settlement is complete, and users are advised to close any open positions before the delisting time to avoid automatic settlement.
Users are not allowed to open new positions for the aforementioned contracts starting from the following times: 20244-09-04 08:30 (UTC): MATICUSDT and MATICUSDC USDⓈ-M Perpetual Contracts and 2024-09-04 09:00 (UTC): MATICUSD COIN-M Perpetual Contract.
All MATIC positive balances in COIN-M Wallets under the Portfolio Margin account will be automatically transferred to Cross Margin Wallet after the settlement is complete. For those who do not have a Portfolio Margin account, the balances in COIN-M Wallets will be transferred to Spot Wallet.
All MATIC negative balances in COIN-M Wallets under the Portfolio Margin account will conduct an auto-repayment process after the settlement is complete, which may take approximately 24 hours or longer. Binance will not be liable for any losses on new positions during this period that may incur due to the conversion of funds.
In order to protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may undertake additional protective measures toward the MATICUSDT and MATICUSDC USDⓈ-M Perpetual Contracts and MATICUSD COIN-M Perpetual Contract without further announcement.
These measures include adjusting the maximum leverage value, position value, and maintenance margin in each margin tier, updating funding rates, changing the constituents of the price index, and using the Last Price Protected mechanism to update the Mark Price. A separate announcement will be made for relisting.
Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and conduct an automatic settlement on the MATIC symbols at 2024-09-04 09:30 (UTC). At 2024-09-05 11:00 (UTC), Binance Margin will delist MATIC from Cross and Isolated Margin, suspend isolated margin borrowings, close users’ positions, conduct an automatic settlement, and cancel all pending orders on the isolated margin pair(s).
If users hold both collateral and liabilities of the aforementioned token(s), the collateral will be used to repay the respective liabilities. Users are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-09-05 11:00 (UTC).
From 2024-09-04 03:00 (UTC), Binance Loans (Flexible Rates) and VIP Loan will close all outstanding loan positions for MATIC, both loanable tokens and collateral tokens. Users are advised to repay their outstanding MATIC loans before 2024-09-04 03:00 (UTC) to avoid potential losses.
Simple Earn will cease support for MATIC Simple Earn Flexible and Locked Products from 2024-09-09 03:00 (UTC). All remaining MATIC Flexible and Locked Products positions, along with any accrued rewards, will be automatically redeemed to users’ Spot Wallets. Users can choose to redeem their assets from MATIC Simple Earn Flexible and Locked Products anytime before 2024-09-09 03:00 (UTC) without deduction of any accrued rewards.
After 2024-09-13 10:00 (UTC), Binance Simple Earn will resubscribe the converted POL assets for Flexible Product and Locked Products for impacted users, according to the swap ratio after the event is complete.
If there were any changes in the user’s MATIC balance after the redemption, the resubscription will be conducted based on the user’s previous asset allocation ratio between Flexible and Locked Products with different durations with the remaining POL balance.
Rewards will be distributed to the user’s Spot Wallet the day after accrual starts on new subscriptions (two days after subscription). The duration of the Locked Products will be reset with the new subscription. After the resubscription, users can early redeem the POL Locked Product Positions before 2024-09-27 04:00 (UTC) without deduction of any accrued rewards.
Dual Investment will cease support for MATIC Buy Low and Sell High products from 2024-09-04 08:00 (UTC), and users are unable to subscribe to MATIC-USDT, MATIC-FDUSD, or MATIC-USDC products.
Subscriptions with the settlement day of 2024-09-06 will be settled as usual, and the assets, including rewards, will be distributed to users’ Spot Wallets within 6 hours.
Binance Convert will maintain a sell-only function for MATIC and all associated pairs from 2024-09-05 03:00 (UTC) to 2024-09-09 02:00 (UTC), convert low-value assets at 2024-09-08 02:00 (UTC), and delist MATIC after 2024-09-04 03:00 (UTC). Users may choose to remove the plan(s) beforehand to avoid the next recurring cycle of the aforementioned token(s).
