Binance, a leading cryptocurrency exchange, announced its support for the token swap and rebranding of Render (RNDR) to Render (RENDER). This update will impact various transactions, deposits, withdrawals, and other services on the platform starting from July 2024.
What Will Happen to Existing Trading Pairs?
On July 22, 2024, at 06:00 AM UTC, Binance will remove all existing RNDR spot trading pairs, including RNDR/BTC, RNDR/USDT, RNDR/FDUSD, RNDR/USDC, RNDR/TRY, RNDR/EUR, and RNDR/BRL. All pending RNDR orders will be canceled. New RENDER trading pairs will be introduced on July 26, 2024, at 11:00 AM UTC, which will include the same currency pairs as before but under the RENDER ticker.
How Will Futures and Margins Be Affected?
Binance Futures will close all RNDRUSDT perpetual futures positions and initiate automatic liquidation on July 16, 2024, at 12:00 PM UTC. Additionally, Binance Margin will delist RNDR/BTC, RNDR/USDC, and RNDR/USDT cross margin pairs as well as RNDR/BTC and RNDR/USDT isolated margin pairs on July 17, 2024, at 09:00 AM UTC. Users should close their positions and transfer assets from margin to spot wallets promptly.
Key User Actions
– Complete RNDR deposits before July 22, 2024, at 06:00 AM UTC.
– Close RNDRUSDT perpetual futures positions by July 16, 2024, at 12:00 PM UTC.
– Transfer assets from margin wallets to spot wallets before July 17, 2024, at 09:00 AM UTC.
– Note the automatic conversion of unused RNDR gift cards to RENDER gift cards on July 22, 2024.
Token Swap and Rebranding
The RNDR tokens will be converted to RENDER tokens at a 1:1 ratio. Binance will handle all technical aspects automatically to ensure a seamless transition for its users. Following the swap, RNDR deposits and withdrawals will no longer be supported, and a new notification will be issued upon completion.
This strategic update by Binance aims to streamline user experience and maintain the efficiency of their trading platform during the transition.