tl;dr
Binance has announced support for the upcoming Polygon (MATIC) token swap to Polygon (POL), with implementation planned throughout September 2024. The transition from MATIC to POL will lead to the delisting of all MATIC spot trading pairs on September 10, 2024. Binance will handle the technical requ...
Binance has announced its support for the upcoming Polygon (MATIC) token swap to Polygon (POL), with implementation planned throughout September 2024. The transition from MATIC to POL will lead to the delisting of all MATIC spot trading pairs on September 10, 2024. Binance will handle the technical requirements during the swap, converting all MATIC tokens to POL at a 1:1 ratio.
However, security concerns have emerged as the official Polygon community Discord channel was compromised by hackers promoting phishing links related to the token migration. As a result, Binance will suspend MATIC deposits and withdrawals starting September 10, 2024, and make adjustments to its margin trading, futures, and loans services.
According to a press release, Binance will delist all MATIC spot trading pairs on September 10, 2024, at 03:00 UTC, including pairs like MATIC/BNB, MATIC/BTC, and MATIC/USDT. Following the delisting, all trading orders for MATIC will be canceled, and the crypto exchange will terminate Trading Bots services associated with these pairs. Subsequently, the trading for the new POL token pairs will commence on September 13, 2024, at 10:00 UTC.
As the Polygon network prepares for this major token swap, security concerns have surfaced. The official Polygon community Discord channel was recently compromised, raising alarms among users. Hackers took control of the channel and promoted phishing links, attempting to exploit the upcoming MATIC to POL migration.
As a result, to facilitate the transition, Binance will suspend MATIC deposits and withdrawals starting September 10, 2024, at 03:30 UTC. Users should complete any pending deposits before this time. Moreover, once the swap completes, withdrawals of MATIC tokens will not be supported on the platform.
Despite Binance support, Polygon has been among the networks declining since the broader crypto market retrace began back in March. However, as per data, the on-chain activity suggests that a MATIC reversal may be on the horizon. This aligns with a spike in active addresses and dormant coin movements which are signals of a potential price turnaround. Market analysts are closely eyeing the MATIC price action, as it currently trades near crucial technical levels.