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Binance exchange announced its support for changing the name of KLAY coin to KAIA. Starting from October 28, 2024, at 06:00 UTC, all spot trading pairs related to KLAY, including KLAY/BTC and KLAY/USDT, will be removed, and all existing trading orders will be canceled. The new KAIA/USDT trading pair will be listed and open for trading on October 31, 2024, at 11:00 UTC. Users should take care regarding coin transfers and trading operations on these dates. Binance will manage all technical requirements throughout the process to ensure a smooth transition for users.
Details on Spot Trades and Deposits/Withdrawals
Deposit and withdrawal transactions for KLAY coin will be suspended on October 28, 2024, at 06:30 UTC. Users wishing to deposit KLAY coin to Binance should complete this transaction before the specified time. Deposits for KAIA coin will begin on October 31, 2024, at 10:00 UTC.
After the process is completed, Binance will make a separate announcement for withdrawal transactions related to KAIA coin.
KLAY coin will be converted to KAIA coin at a 1:1 ratio, and all spot trading pairs for KLAY will be removed. Binance advises users to update or cancel their trading bots before the specified dates.
Changes in Futures and Margin Trading
On another note, Binance Futures will close KLAYUSDT USDⓈ-M perpetual contracts for trading on October 22, 2024, at 12:00 UTC and will perform an automatic liquidation. No new positions will be allowed from October 22, 2024, at 11:30 UTC. Binance advises users to close their open positions before the specified date. Additional measures may be taken against market volatility, according to Binance Futures.
Similar changes will be made in margin trading. KLAY coin will be removed from cross and isolated margin trading pairs on October 23, 2024, at 09:00 UTC. Users trading in KLAY/USDT cross and isolated margin pairs are advised to close their positions and transfer their assets to the Spot Wallet. Otherwise, automatic liquidation may occur.
