In an important development for the WazirX community, Binance has announced support for the WazirX (WRX) contract swap. This strategic move includes the integration of the WRX token across the BNB Smart Chain (BEP20), Ethereum (ERC20) and BEP2 (BNB Beacon Chain) networks.
Suspension of existing WRX tokens
Binance detailed that all deposits and withdrawals of existing WRX tokens will be suspended from 16:00 (UTC) on June 4, 2024. Users are advised to ensure that their previous WRX token deposits and withdrawals are fully processed before this deadline to avoid any inconvenience.
Transaction services are not affected.
Despite the suspension of deposits and withdrawals of existing WRX tokens, Binance assured users that other trading services, including spot trading, margin trading, futures trading, and Binance Savings Service, will not be affected during the contract exchange. Binance will also manage all technical requirements of users related to this swap event.
Swap Rate and Next Steps
The contract swap replaces existing WRX tokens (WRXOLD) with new WRX tokens at a 1:1 ratio. After the swap is completed, Binance will issue a separate announcement to notify users when new WRX tokens become available for deposit and withdrawal.
Community response and market impact
The announcement comes at a time when the cryptocurrency market is facing increased regulatory scrutiny and a growing need for better security measures. Binance’s proactive move to support WRX contract swaps could be seen as a positive move aimed at providing seamless integration and improved security for WRX token holders.
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